ETN · Earnings call · 2026Q3T · Full report

Solid-State Transformer Commercialization

Eaton Corp plc · 2026-11-03 · Importance 41 · Surprise 60 · In source text

Eaton’s 15 kV, 2 MW medium-voltage solid-state transformer passed all applicable UL tests in October; management said it was the first multi-megawatt unit to clear those tests. The U.S. unit combines liquid cooling, multiple AC and DC ports, and outdoor readiness, while Eaton’s indoor unit for IEC markets passed TÜV testing. Management described the transformer as one of four building blocks for next-generation architectures, alongside DC breakers, power quality and UPS technology, and advanced cooling. Eaton has 10 pilots underway and expects multiple 15 kV projects to ship this year, with pilots potentially converting to volume next year; management said Eaton is positioned to supply both AC and DC architectures.

Key facts

• Eaton had 10 solid-state transformer pilots running in parallel and multiple 15 kV projects scheduled to ship in 2026; it expects the pilots and projects to turn into volume moving into 2027.
• In October 2026, Eaton's 15 kV, 2 MW medium-voltage solid-state transformer passed all UL tests; Eaton said it was the first multi-megawatt unit to clear those tests to its knowledge.
• Eaton's indoor unit for IEC markets in Europe and Asia passed all tests with TÜV certification.
• Eaton says it is ready for the transformation associated with technologies including 800 VDC.
• Eaton's U.S. solid-state transformer is liquid-cooled, multi-port with AC and DC ports, and outdoor-ready.

Impact estimates