The reason? Walton wanted to start a company. In 2009, using that $22,000, along with cash drawn from family and friends, he launched Enovex with a chemical engineer, who was soon replaced with current business partner Srikanth Narayana. Walton and Narayana took their initial ideas to UNB’s Office of Research Services, which connected them to scientists working in the same field.

Today Enovex is a New Brunswick start-up with big ambitions and some prominent backers. Based in Saint John, the company is developing technology to remove carbon dioxide from power plant emissions. Its equipment, which is being developed in partnership with UNB, aims to separate a large portion of the carbon dioxide that rises from power plants fuelled by coal, oil, and natural gas.

Such technology already exists, but Walton says Enovex’s version, when complete, will cost less than the competitions’. For power plant operators, removing CO2 from the emissions stream can have a huge financial impact. First, it shelters them from carbon tax charges. And although CO2 is typically seen as a dirty byproduct, the gas has practical uses when separated from the industrial system; it’s used to make everything from carbonated drinks to cement and fertilizer. As well, oil and gas companies inject CO2 into wells to maintain pressure below the ground.

For Walton, 24, the goal is to help power plant operators capture and profit from their CO2 emissions. “It’s about improving your environmental footprint and potentially generating revenue,” he says. Enovex’s technology is still under development, with the help of scientists at UNB and the University of Calgary. A recent prototype delivered “better than expected” results, says Walton. 

That hardware will be very expensive. For a mid-size power plant, the cost will be hundreds of millions of dollars. But that cost will be acceptable to power plant owners, Walton insists. That’s because many power plants, particularly coal-fired versions, face a grim choice: improve their emissions or shut down. “That’s a scary prospect for a coal plant owner,” he says. His prediction: Power plant owners will invest millions to extend the longevity of their plants.

Despite the predicted high price tag of Enovex’s hardware, the company has nabbed some prominent investors. Among them is Gerry Pond, a key figure behind Fredericton’s Radian6, which was sold earlier this year for nearly $350 million in cash and stocks. Enovex marks Pond’s first foray into the so-called clean technology (cleantech) sector; it’s a field he believes holds great investment potential. “In the United States, 50% of the electricity is still generated by coal, and in China there’s a new coal plant turning up every week,” says Pond. “The world is dependent on coal. The sheer scale of this ensures the rewards are big.”

For Walton, the objective is to tap the acquisition experience of Pond and other investors. “That’s our goal with this—to prove the technology and have the company acquired,” he says. For now, he’s focused on fundraising. Enovex was initially fuelled with $150,000 secured from family, friends, and the Trans Am sale; now Walton is trying to raise an additional $1.5 million to $2 million. (As of Nov. 1, he had secured $350,000 toward that goal, including cash from the New Brunswick Innovation Foundation.)

In late September, Enovex was one of 10 Canadian companies that travelled to China on a cleantech trade mission. In Beijing, Shanghai, and Hong Kong, Walton pitched his company to Chinese industrialists, corporations, and potential investors. “That’s our ideal audience—people with money and people connected to the energy industry,” he says, noting that China’s expanding energy sector is Enovex’s largest target market. Walton has also taken his pitch to Colorado, Calgary, Banff, New York, and Toronto. In recent months, he estimates he has been on more than 50 flights. “The fundraising aspect is always challenging,” he says.

Yet Walton has come a long way in a short time. Armed only with a business degree and an idea when he launched Enovex, he pushed forward even though few around him supported his venture initially. “It’s tough when you start, because you’ve got pressure from family and friends to take a more stable job,” he says. “I had to ignore that thinking and keep pursuing the business. At one point there was no salary, but I still felt fulfilled. That’s when I realized it was worth it to follow this entrepreneurial path.”