Wednesday, April 24, 2024 | St. Lawrence County, NY
POTSDAM -- LC Drives of Potsdam received an award from Upstate Capital Association of New York for its “Venture Capital Deal of the Year” with Koch Industries. LC Drives, a producer of …
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POTSDAM -- LC Drives of Potsdam received an award from Upstate Capital Association of New York for its “Venture Capital Deal of the Year” with Koch Industries.
LC Drives, a producer of high-efficiency liquid-cooled motors and generators in Potsdam, secured a $15 million Series A investment from Koch Engineered Solutions earlier this year. This is one of the largest Series A venture rounds from 2019 and the first big venture round on record in the North Country since Upstate Capital has been tracking deal activity.
The announcement from Upstate Capital says that LC Drives is the first breakout company from the Shipley Center for Innovation at Clarkson University.
LC Drives is manufacturing smaller versions of its motors in Potsdam, and hopes to get into full production with a plant they want to build along State Rt. 56 north of the village.
The company has announced plans to hire as many as 300 people for the plant, if investments can be found to finance the plant.
