It's been quite a couple of years for Fruita-based oil and gas product manufacturer FHE.
In 2018, the company doubled its footprint in the Grand Valley, adding a second 70,000-square-foot facility adjacent to its original Fruita site on Cipolla Road. It also opened new offices in Abu Dhabi, Oklahoma City and Marietta, Ohio and increased the size of its Texas facility.
This year, FHE doesn't appear to be slowing down. The company was recently named one of the 5,000 fastest-growing privately owned companies in the U.S. by Inc. magazine. FHE was ranked No. 933 with 456% revenue growth. The magazine listed FHE's revenue at $125.5 million.
Last week, the company also unveiled its newest innovation, showcasing the FracLock to a variety of clients who traveled to Fruita to see a demonstration.
FracLock is a wellhead connection system that reduces the velocity of fluid and requires less equipment and manpower on a site.
FHE President Nick Snoke said the new product can help a team complete work at a site roughly 50% faster and called FracLock a "huge innovation" for the industry.
"FHE is experiencing such good growth because we are innovating new products," he said.
Snoke said products like FracLock and RigLock, which the company patented and launched in 2016, are how FHE continues to grow while the oil and gas industry sees leaner times.
Snoke said FHE's innovations have centered around improving safety and increasing efficiency.
"Our first focus on innovation is to make the job safer. If we can improve safety, how do we make it more efficient?" Snoke said.
In Fruita, Snoke said he has roughly 110 employees and added around 20 positions in the past year. He had hoped to add more, but industry cutbacks stifled some potential growth.
"The industry really shrunk so to add one job is a big deal," Snoke said.
However, he added that oil and gas companies are always bullish on improving safety for their employees and increasing the speed at which a job can be completed. He said he was excited to see so many clients travel to Fruita for the FracLock demonstration last week.
Snoke lauded his staff for the company's growth.
"We're able to do this innovation, product development, design, manufacturing and testing because we have some of the best people working here," he said. FHE started in Grand Junction in 2007 and moved to Fruita in 2014. It's seen steady growth during most of its time in Fruita, but the business really took off when it released RigLock, which allows workers to hydraulically secure tools and equipment to oil wellheads without having to do so by hand, reducing potential dangers at a site.
Snoke said this is the third time FHE has been on the top 5,000 fastest-growing companies list, which is released each year by Inc. He said this year's ranking is the company's highest.
Fruita City Manager Mike Bennett said it's exciting to see a company like FHE located in the city. He added that FHE brings in high-paying jobs to Fruita and the Grand Valley and he is happy to see how successful the company has become.
"I think it's extremely important. Fruita is definitely fortunate to have FHE in community," he said. "Those are the kind of things you like to see."