LC Drives

About LC Drives

LC Drives, founded in 2012 by Russ Marvin, specialized in the development and manufacturing of permanent-magnet electric motors and generators. The company's core technology focused on creating machines that were substantially smaller, lighter, and more energy-efficient than conventional alternatives. This was achieved through a patented stator cooling technology that enabled a significant reduction in the size and weight of their motors, for instance, fitting a 500-horsepower motor into a frame typically built for 250-horsepower.

The company's history began with its formation in 2012 and a subsequent move into the North Country Incubator at Clarkson University's Shipley Center for Innovation in 2014. Initial funding came from notable sources including the National Science Foundation (NSF) and the Defense Advanced Research Projects Agency (DARPA), which facilitated early technology development and the filing of ten patent applications. A significant milestone was achieved in May 2019 when LC Drives secured a $15 million Series A investment from Koch Engineered Solutions. This funding was pivotal, enabling the company to scale up its manufacturing capabilities. Part of this scale-up involved utilizing grants to acquire essential equipment like a compressed air system and a powder coating booth, which improved the durability of their motors for operation in harsh environments.

LC Drives targeted a diverse industrial market, with applications for its motors in wind turbines, marine and heavy-duty vehicle propulsion, oil, gas, and mining sectors. Its business model revolved around manufacturing and selling these high-power-density electrical machines to large industrial clients that required customized, robust, and efficient motor solutions. At its peak, the company employed over 75 people and had facilities in Potsdam and Ballston Spa, New York. However, after failing to secure a Series B funding round, LC Drives ceased operations and liquidated its assets in the fall of 2021.