FHE Approved for Rural Jump-Start Tax Credit in Mesa County, Colo.
GRAND JUNCTION, Colo., Oct. 3, 2019 /PRNewswire/ -- The Grand Junction Economic Partnership (GJEP) is pleased to announce that FHE USA LLC (FHE), an advanced manufacturer within the oil and gas industry, has been approved for the Colorado Rural Jump-Start Tax Credit program for its latest innovation, the FracLock System. FHE was approved by the Colorado Economic Development Commission at a hearing in Denver on September 19.
"We are thrilled to see FHE among the Jump-Start participants," said Robin Brown, GJEP executive director. "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."
The performance-driven incentive allows participants to operate free of many state and local taxes for up to eight years in exchange for primary job creation, academic engagement and general contribution to the economic base of a rural community. Along with the addition of a new Colorado facility, FHE plans to add up to 30 new positions ranging from management, engineering, administration, technicians and skilled workers.
"The FracLock introduces FHE to new markets nearly five times the size of our current customer-base," stated Nick Snoke, FHE President. "FHE is experiencing such good growth because we are innovating new products."
Based in Fruita, Colo., FHE has recently added locations in Oklahoma, Ohio, and Abu Dhabi. This year, FHE also doubled its footprint in Fruita, by adding a second building to increase production and manufacturing efficiency of new products.
FHE is the 15th company to participate in Jump-Start in Mesa County – out of 16 statewide – making the county the state's most successful Jump-Start Tax Credit zone. Jump-Start Mesa County is jointly managed by the Colorado Office of Economic Development & International Trade (OEDIT), the Grand Junction Economic Partnership (GJEP) and Colorado Mesa University (CMU).
More About FHE
FHE USA LLC (FHE) designs, engineers, assembles, and services pressure control equipment for the oil and gas industry. Through unparalleled innovation and superior customer service, FHE supplies practical and reliable equipment and product certifications to oilfield service companies. FHE began operations in 2007 in Colorado. The company now has operations in Colorado, Texas, Ohio, Oklahoma and the United Arab Emirates.
The FracLock System is FHE's latest innovation. It is a combination of new technologies that makes well operations exponentially safer and more efficient with a lower cost of operations. To learn more about FHE and the FracLock System, visit http://www.builtbyfhe.com/fraclock.html
More About Jump-Start Mesa County
As Colorado's first Jump-Start zone, Mesa County has led the path for companies in advanced technologies and manufacturing to build and grow their businesses. Jump-Start companies receive up to eight years of zero state income and sales & use taxes; zero county and municipal property taxes and sales & use taxes; and zero state income taxes for their employees. In exchange, the businesses will add a minimum of five net new jobs to the county in high-paying, highly skilled fields. The companies also agree to form a partnership with Colorado Mesa University, a local institute of higher education, through mentorship, internship opportunities and community involvement. Visit jumpstartmesaco.com for more information.
About Mesa County, Colorado
Mesa County (pop. 148,255), synonymous with Colorado's Grand Valley, sits at the confluence of the Colorado and Gunnison rivers on the western slope of the Colorado Rockies, bordering Utah. The county's main seat is the City of Grand Junction, which is 250 miles from both Denver, Colo., and Salt Lake City, Utah – and the largest city between the two. The county also encompasses the City of Fruita and smaller towns of Palisade, Collbran, DeBeque, Gateway, Mack and Mesa.
About the Grand Junction Economic Partnership
The Grand Junction Economic Partnership (GJEP) is a private non-profit incorporated organization and the official economic development agency for Mesa County and its municipalities. GJEP works to recruit and retain businesses in the cities of Grand Junction and Fruita, the town of Palisade and surrounding regions. Visit www.gjep.org for more information.
Grand Junction Economic Partnership
(970) 245-4332 x5
View original content to download multimedia:http://www.prnewswire.com/news-releases/advanced-manufacturing-expands-in-colorados-grand-valley-300930802.html
SOURCE Grand Junction Economic Partnership