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.
Referred by the St. Lawrence County IDA in October 2017 with the investor meeting November 6th, with further due diligence and additional field visits.
$205,000 with four members participating. The initial deal was a convertible note with a 25% discount which converted when LC Drives closed a $15 million Series A round in the Spring of 2019. 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. LC Drives was not able to execute its series B, and ultimately liquidated its assets in Fall 2021.
68 employees (FTE) and growing. 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 its Damon Hall facility and has a strong pipeline of sales a completed and successfully 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.
