A static converter is no more than an appropriate capacitor connected internal to the enclosure, with the correct wires, or terminals, coming out. A "rotary" converter is a static converter with a 3 phase motor added to stabilize the output to nearer 120* phase rotation. Oh, and a start capacitor or single phase "kicker" motor to get it started. Both devices are as old as AC motor technology, and with a "flywheel" device to stabilize speed, steady enough for all but the most touchy operations.
A "Variable Frequency Drive", or VFD, is a derivitive of switching power supplies. The incoming line is converted to DC, with the AC (3 phase) synthesyzed from the DC buss. This could come from a series battery bank supplying 240 volts DC to the DC buss. I have seen such a device, an Uninterruptable Power Supply (480V UPS) large enough to start 500 HP worth of hydraulic pumps. I never needed to work on it, but did get acid burns when it blew up the batteries in 2005.
The newer (+/- 10 years) VFDs use a duty cycle synthesyzer to more nearly approximate a true "Sine Wave". Older versions use a "stair-step" synthesyzer, but the sine wave is not as close to a true sine wave as the newer versions. The stronger the attached magnetics, the more accurate the output. As in looking at the output with an O'scope but without a load shows significant "distortion". That really doesn't matter as the motor should always be connected.
For a grinder, there is a significant inertial load and the motor usually runs at 3600 (M/L) RPM. Less "slip" speed, where HP comes from. A static converter will work well enough there. As would a few "motor starting" capacitors in a DIY format.
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