Your statement "all of my sub panels are fed with two UNgroundED hot legs, one groundED neutral, and one equipment groundING conductor.
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IMPRESSED ME, where in the world did you pick up such "electrically correct" technical jargon anyway HHHHHHHmmmmmmmmm lol
By the way, in those sub panels you do have the Equipment Ground Buss and the Neutral Buss seperate and electrically isolated from each other correct??? And, of course, the sub panels steel case/frame is bonded to the Equipment Ground Buss??? (NOTTTTTT the Neutral)
Okay, I'm taking a wild guess you genset is 5500 watts instead of 55,000 right???
If so, it sounds like youre already well aware it cant continuously supply the 40 to 50 amps at 240 the welder appears to be designed for if needed.
HOWEVER if youre only welding in the lower amperage range the genset ""may"" (cant guarantee, it depends on welder and the load) be able to supply the necessary current, even if it would crap out if you attempted higher heat/current settings.
Okay, sounds like the genset has a 30 amp 3 Pole 4 Wire GroundING Outlet and its my best guess not being there that can supply 120/240 volt single phase three wire service. Sounds like (again my best guess) the Welder requires a straight 240 volt (NO 120 and NO Neutral) with Equipment Ground 3 wire supply.
SOOOOOOOOO to supply straight 240 with Ground (3 wires) from the Genset to the welder, you would use the gennys 2 Hot Ungrounded (L1 & L2, maybe Red and Black) 240 volt Legs and the Equipment Ground and, of course, NOT the Neutral. If you rigged a cord and a matching plug and outlet from the welder to the genset, it would consist of three No 10 wires with a 6-50 (2 pole 3 wire groundING) Receptacle where the welders plug mates,,,,,,, And a 30 amp 240 volt 3 pole 4 wire GroundING Plug to mate into the gennys onboard receptacle.
DISCLAIMER I (Unlike my usual advice) am NOT saying this is NEC compliant, I'm pullin a Billy Bob on this one and ONLY saying it can "work" unitl such time the welders current draw exesseds the gensets overload protection device!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Which depends on the gennys design and specs and its surge and continuous current ratings??????????
NOTE if youre using plug and cord connected equipment thats powered up by onboard mounted receptacles on the genset itself, no GroundING Electrode is required i.e. fire up the portable genny, plug your tool or appliance into its outlet, and no ground rod is required.
NO FREAKIN WARRANTY AND NO NEC COMPLIANCE but it can "work" up to the gennys ability and what current the welder draws at the heat/current range youre gonna weld at ........
PS will you hurt the genset??? Not if the onboard receptacle circuit has overcurrent protection such that it trips out if the gennys max current ability is exceeded!!! If it has that 30 amp receptacle my guess is there's some sort of overload or thermal protection built in to protect the genny BUT I CANT KNOW OR GUARANTEE THAT MIND YOU
Im sure I missed something, hope the other sparkies can add to and correct if needed
John T & Billy Bob (now thats a pair lol)