The Ingersoll Rand 54774302 solenoid valve is a load/unload solenoid. This valve sends the signal to the inlet valve to either open or close depending on the compressors operation. This was used on several different models of the Ingersoll Rand rotary screw air compressors.
Most units had a signal line that attached to this solenoid that routed to the air inlet valve as well as somewhere on the sump/separator tank.
Often times this valve will be bad if your compressor does not kick in to build pressure when the lower psi setpoint is reached or it will not idle down when the upper pressure setpoint is reached.
The following rotary compressors utilized this load solenoid valve:
Part #: 54654652
Part #: 22067177
Part #: 22064695
Part #: 47645188001
Part #: 22203095
Part #: 54749247
Part #: 54672654
Part #: 22227714