Paxton Corporation – 3.8% interest
Paxton was formed to exploit the production of CO2 for miscible flooding of oil and gas fields to enhance production. The CO2 is derived from combustion of hydrocarbon fuels (such as MSAR®) in an oxygen enriched environment in a specially designed sequential process plant train.
Paxton also has a 27% interest in Clean Energy Systems (CES) a development company specialising in clean energy. The company was formed by ex NASA engineers who had successfully designed and trialled a novel “steam generator” based on rocket propulsion combustion technology.
The CES steam gun development has since progressed and a recent announcement confirmed that the US Department of Energy has provided a grant of US$30m to CES to develop a clean energy project in California.
Progress has also been made on the upstream application of CES technology, with a recent license agreement announced with Maersk Oil.