Potsdam, New York – LC Drives was highlighted as a FuzeHub Success Story on April 8, 2020.
FuzeHub provides New York State manufacturing companies with guided access to industry experts, manufacturer solutions programs, and industry events to help grow their business.
LC Drives has worked with FuzeHub and the Shipley Center for Innovation at Clarkson University to scale-up manufacturing within Shipley Center’s North Country Incubator. Under two FuzeHub grants, the North Country Incubator acquired a compressed air system in 2017 and a powder coating booth in 2018 that LC Drives, a tenant at the incubator, is using to scale manufacturing early and rapidly.
In May 2019, LC Drives received a $15 million Series A investment from Koch Engineered Solutions. Back then, the North Country company had 16 employees. Today, it has 75 employees and continues to grow rapidly. Devon Sutton, Director of Strategic Operations, expects that LC Drives will reach 300 employees and $100 million in sales within five years.
Sutton attributes much of LC Drives’ success to its relationship with “great industry partners” like the Shipley Center and FuzeHub. Jamey Hoose, Director of the Shipley Center, said that LC Drives itself has been a great partner. In addition to helping equip and expand the incubator, LC Drives played a role in Potsdam’s receipt of a $10 million downtown revitalization grant from New York State. LC Drives is also helping the region by providing internships and well-paying jobs for local university students and graduates.
Read the original article here.
About LC Drives
With locations in Potsdam and Ballston Spa, New York, LC Drives has developed and patented Permanent Magnet motor/generator technologies that enable the design and manufacture of electric motors and generators that are smaller, lighter, more efficient, and lower cost than conventional machines. These advances have attracted the attention of large international companies including a multimillion-dollar investment from Koch Engineered Solutions.