The Daily Sentinel shares this update on the Colorado Rural Jump-Start Tax Credit program:
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.”
DOES YOUR BUSINESS QUALIFY FOR JUMP-START? LEARN MORE ABOUT THE COLORADO TAX INCENTIVE HERE.