BINGHAMTON, N.Y. — A Southern Tier startup company is among 43 businesses that New York State has accepted into the START-UP NY program.
Southern Tier Technologies is a new engineering business in the industrial-electronic industry with a focus on energy efficiency, Empire State Development (ESD) said in a news release.
The company will invest $258,000 and create 69 new jobs, ESD said.
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START-UP NY is Gov. Andrew Cuomo’s offer to new or expanding companies and business ventures to operate completely tax-free in areas on or connected to SUNY campuses.
Southern Tier Technologies designs, develops and manufactures power equipment for process industries to “control costs, reduce emissions [and] energy use and improve safety,” per the release.
The company’s first product designed and manufactured “completely” in its facility is called power factor correction (PFC).
PFC is designed to reduce customers’ electricity bills by eliminating reactive energy charges.
Southern Tier Technologies is one of 43 businesses have committed to create more than 640 new jobs and invest more than $15 million statewide, ESD said. None of the other 42 businesses are located in the 16-county Central New York area.
The figures include 18 companies that the University at Buffalo is sponsoring that have committed to creating 238 jobs, according to the agency’s news release.
Contact Reinhardt at ereinhardt@cnybj.com
