December 15, 2016
HORNELL, NY – A start up company called EPX has permanently closed its doors in the city of Hornell after a promising start. Electrical Power worX Corp, which resided at 18 North Main Street (old Marion Rohr building), was a start up company formed in 2007 by a group of rail engineers with a mission to develop clean energy and energy management solutions for the railroad industry.
Their primary product, called a Wayside Energy Storage System, collected static electricity from rail lines, stored it, and then redistributed back into the system saving the rail company up too 1/3 in electrical costs. One of the three prototype units built caught fire in its initial testing was deemed unsafe and production was cancelled.
Unfortunately for the IDA, with the collapse of the company came the burden of unpaid rent. IDA Director Jim Griffin estimated that the company owes them around $72,500 for past rent over the years which will be written off the books and considered uncollectable. “It was a startup company with a great idea and we had high hopes for them,” said Griffin, “but the realization is that in this business you win some, and you lose some.” Griffin said that the IDA will now actively seek a new tenant for the building and continue to support startup entrepreneurial businesses any way they can.
In other news Griffin said there is interest in developing another 28 acres at the Wal Mart plaza and things are in beginning to roll there. Also there is a delay on the Shawmut Park housing development construction because of a natural gas easement on a small portion of the property. The blueprints for the structure will now have to be reworked. And finally the IDA is in the process of selling 10 acres of property near the Hornell airport for a 65 unit housing complex. That developer said that if the initial project is successful, they plan on purchasing more land in the future.