Siemens Energy manufacturing’s IRA tax credits
The company’s large transformer manufacturing facility in Charlotte, North Carolina is included in Round 1 of the Qualifying Advanced Energy Project Tax Credit (§ 48C Program)
Image for illustration purposes.
USA, Charlotte: At a visit to the Siemens Energy facility in Raleigh, NC, US Secretary of Energy Jennifer M. Granholm and Governor Roy Cooper announced new projects which were made possible by the Inflation Reduction Act. The company’s large transformer manufacturing facility in Charlotte, NC, is included in Round 1 of the Qualifying Advanced Energy Project Tax Credit (§ 48C Program).
Rich Voorberg, President of Siemens Energy in North America, said: “Secretary Granholm and Governor Cooper are here to celebrate the expansion of our Charlotte facility, which will begin producing large power transformers in 2026. This factory will help lead in the modernization and expansion of our electrical grid so it can handle the influx of renewables coming online, the exponential growth of data centers due to the proliferation of artificial intelligence tools and applications and the electrification of industry. Support from the state and the federal government is fostering an atmosphere where it is advantageous to invest in America and strengthen the U.S. domestic clean energy manufacturing supply chain.”
Governor Cooper announced the factory expansion on February 13. As only 20% of US large power transformer demand is met by domestic supply with lead times of up to five years, Siemens Energy aims to address the shortage by creating up to 475 direct operating jobs and 285 construction jobs. The company has been operating in the US for more than 100 years and has 21 manufacturing and service facilities, with the new factory the first power transformer manufacturing facility.
Source: Siemens Energy