A new business has joined the ranks of several approved under the Colorado Rural Jump Start Tax Credit Program in the Grand Valley.
The company, FHE USA, is an advanced manufacturer in the oil and gas industry that recently developed a new product, FracLock, designed to make well operations safer and more efficient, lowering the cost of operations at the same time.
The Fruita-based business has done so well with the new product it was able to open new locations in Oklahoma, Ohio and Abu Dhabi.
"The FracLock introduces FHE to new markets nearly five times the size of our current customer base," said Nick Snoke, president of the company. "FHE is experiencing such good growth because we are innovating new products."
As a result of the new product, the company has already doubled its footprint in the valley. This year, it added a second building to increase production and manufacturing of new products. It also plans to add up to 30 new positions, including management, engineering, administration, technicians and skilled workers.
The Colorado Economic Development Commission approved the company's inclusion in the jump start program last month.
"We are thrilled to see FHE among the jump-start participants," said Robin Brown, executive director of the Grand Junction Economic Partnership. "FHE has been a cornerstone business in the Grand Valley for many years and, through jump start, we are now able to give back a little to the company for its sustained commitment to the economic vitality of our community."
FHE is the 15th company to participate in the jump start program, which is a joint program managed by the Colorado Office of Economic Development and International Trade, GJEP and Colorado Mesa University.
Mesa County's jump start program was the first in the state, and has by far been the most successful at boosting and attracting new businesses.
Jump start companies receive up to eight years of zero state income and sales tax burdens, zero county and municipal property and sales taxes requirements, and zero income taxes assessed on their employees.
In exchange for all that, businesses agree to add a minimum of five new jobs to the county in high-paying, highly skilled fields. The companies also agree to form a partnership with CMU through mentorships, internships and community involvement.