I've contacted Hegner to no avail as they no longer support or manufacture these machines. They only said that this means that there is a problem with the inverter.
Hi Dave,
Sorry to hear you've got problems with the lathe, but I very much doubt it is a problem with the actual inverter, more likely to be the control potentiometer behind the speed control knob.
I notice Phil has suggested using some switch cleaner but before spending any money, may I suggest giving it a good clean with compressed air, as the usual culprit in our environments is dust rather than corrosion. Some of those cleaners cause the dust to 'clump' and remain in place.
After that there are various things to try with a meter, but not knowing your background, I am a bit reluctant to go any further on here. Please don't take that as an insult, it's for your own safety as there will be a mix of 12V and 415V inside your control box, and I would not want to be responsible for a serious accident.
I would be happy to come and take a look but that does depend on your location.