Vexxel Composites, LLC, a sister company to HyPerComp Engineering, has invested USD 4 million in capital improvements toward the manufacture of compressed natural gas (CNG) tanks. The Governor’s Office of Economic Development (GOED) has supported their goal with an incentive to help Vexxel add 101 high paying jobs to the project.
“HyPerComp Engineering and Vexxel Composites have seized an opportunity to further their heritage of innovative composite manufacturing to fill critical needs in the nation’s accelerated natural gas industry,” said Utah Governor Gary R. Herbert. “The Utah workforce continues to prove it has the entrepreneurial skill and technical expertise to develop solutions for some of our most pressing questions.”
Vexxel Composites, LLC, is a manufacturing company focused on composite overwrapped pressure vessels. Vexxel manufactures CNG pressure vessels in numerous sizes to support the high growth in the use of CNG vehicles. Vexxel has developed strategic alliances with highly reputable companies to seize this opportunity. Vexxel will also manufacture pressure vessels for the US military and other commercial applications.
“We are excited for this opportunity for many reasons. Firstly, the US has an abundance of natural gas. Converting vehicles to CNG will reduce our dependence on foreign oil. Secondly, CNG is a clean burning fuel thereby reducing vehicular emissions. And thirdly, we will be bringing high paying manufacturing jobs to Brigham City,” said Vexxel CEO and president Wayne Clark.
“The expansion of Vexxel’s manufacturing capabilities build on the company’s already extensive military and civilian client base, and brings deserved attention to the economic vitality of Utah’s northern region,” said Spencer Eccles, executive director of GOED.
In addition to contributing $1,687,884 in new state revenue, the project expects to pay out $21,082,477 in new wages toward the 101 new full time jobs.
GOED’s Economic Development Tax Increment Financing (EDTIF) post-performance refundable tax credit will total $337,577, or 20 percent of new state revenues over the project’s 5-year lifetime.
(This article compiled using information from a Utah Governor’s Office of Economic Development press release)