+12 ----| 7805 |---[2R]--- Vout to Luxeon, 650 mA ------ | Gnd --------+
Figuring Vf at 3.7 volts, 2 ohms will limit current to
650 mA, so a 2 watt resistor will do. The 7805 can go up to 1 amp, and needs a heat sink. It will dissipate up to ~7 watts. If you want to go "full bore" (>1A), use a different circuit:
The above will allow you to vary the current to the Luxeon from about 670 mA to 1.34 amps.
You could use a 2 watt one ohm limiting resistor, but it will dissipate about 1.4 watts, so a little higher wattage gives a wider margin and is desireable. The other resistors are 1/2 watt. The LM317 will need to dissipate ~ 10 watts, so a heat sink is needed.
I would get a $0.40 MC34063, a a well chosen inductor, and make a low dissipation current source. ~600 mA without external boost fet / transistor is achievable.
Beats huge heatsinks etc. Including the ~ 50 uH inductor it would be cheaper too I guess. My 0.02
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