MagDrive LLC is developing novel intelligent systems for controllers, electric generators and electric motors. The applications are focused on clean industries such as renewable energy and electrical propulsion for hybrid and plug-in hybrid vehicles. The first products to incorporate MagDrive technology are small wind turbines. These wind-powered electrical systems are designed for use in homes, farms, and small businesses, and they generally have a capacity below 100 kW.

According to the American Wind Energy Association, the market that MagDrive is addressing will be enjoying sales of $1 billion in 2013. Using its technology, MagDrive LLC’s components are expected to make existing small wind turbine systems easier and cheaper to manufacture while increasing reliability and substantially boosting energy efficiency.

The Chicagoland Entrepreneurial Center (CEC) recently announced that MagDrive, LLC is the newest recipient of an Entrepreneur in Residence (EIR) grant. The EIR program is supported by the Illinois Department of Commerce and Economic Opportunity (DCEO) and administered by the CEC. The program partners experienced entrepreneurs with young companies to commercialize promising technologies from the state’s top universities and research institutions. The program enhances Illinois’ entrepreneurial community and supports both experienced and young entrepreneurs in creating new, high-impact companies poised for business growth. Read the rest of this entry »

MagDrive LLC won second-place overall at the University of San Francisco International Business Plan Competition on March 6, 2009, bested 90 applicants from as far away as Sweden and Hong Kong. In addition to second-place finish, MagDrive won first place in the CleanTech track and was awarded a $2,000 prize. MagDrive is also now in several follow-up conversations with Bay Area venture capitalists.

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