LC Drives
LC Drives

Potsdam, New York

LC Drives

Background

Founded in 2012, LC Drives is revolutionizing the electric motor and generator business through the development of patented stator cooling technology that allows LC Drives to produce motors that are 1/2 the size and weight of conventional permanent magnet machines.

Initial Contact and Pitch Session

Referred by the St. Lawrence County IDA in October 2017 with the Investor meeting  November 6th, with further due diligence and additional field visits.

 

Investment

$205,000 with four members participating. The deal was a convertible note with a 25% discount which will convert when LC Drives completes a Series A stock round of financing with proceeds of $1million or more. Benefits to the investors include the opportunity to partner with other regional organizations to help LC Drives thrive and anchor a new advanced manufacturing facility for the Greater Adirondack region. 

Job Creation and Benefits

16 employees (FTE).  Strong pipeline of sales and a completed and successfully tested first 20” diameter motors which led to completing the set up of their manufacturing processes. LC Drives has also expanded their Damon Hall facility and has a strong pipeline of sales a completed and successsfully tested first 20" diameter motor which led to completing the set up of their manufacturing process.  Benefits to LC Drives include the opportunity to partner with other regional organizations to help LC Drives thrive and anchor a new advanced manufacturing facility and are looking at another facility to house the development and manufacturing of their 48" motor. 

 

 

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Confluent Energies Inc.

 
Melinda L. Little, Coordinator
PO Box 1281, Saranac Lake, NY 12983
...
Phone: (518) 354-0202