City, state incentives bring diesel tech manufacturer to Hastings: Hexfuel hopes to add 150 to 300 employees in five years
The City of Hastings is eager to welcome startup manufacturer, Hexfuel, to its industrial park. Hexfuel, currently based out of Maplewood with a small production plant in Utah, produces a hydrogen boost box that increases efficiency in diesel engines.
The company has signed a contract to purchase the 35,000 square-foot building that previously housed ProBuild, located at the corner of Spiral Boulevard and Enterprise Avenue. The Hastings Economic Development and Redevelopment Authority (HEDRA) voted to grant the right of first refusal to Hexfuel on 35 acres of land adjacent to their chosen location.
Hexfuel’s expansion plans include the creation of 300 jobs within five years. Future land acquisitions will likely qualify for the City’s “Land for a Dollar!” program.
“An important goal of the Hastings City Council is to grow our industrial tax base and create more jobs,” said Mayor Paul Hicks. “I am pleased that an impressive, innovative and emerging technology company like Hexfuel has decided to make Hastings their home. Their significant investment in dollars and job creation is a signal to us and others that Hastings remains a great place to do business.”
The HEDRA meeting met the public hearing requirement needed to apply for a business subsidy through the Minnesota Department of Employment and Economic Development (DEED) Job Creation Fund. Hexfuel is among the first companies to apply for funds under the new program. The company is eligible to receive up to $740,000 based on meeting the performance goals of investing $10 million and creating 150 new jobs. To qualify for the Minnesota Job Creation Fund, a company must invest at least $500,000 in real property improvements within one year, create at least 10 new full-time permanent jobs within two years, and offer a pay and benefits package that is based on 110 percent of federal poverty guidelines.
Learn more about Hexfuel and Boostbox H2 at www.hexfuel.com.