Ion Beam Applications (IBA) has taken a 10 percent equity stake in PetroBeam of Raleigh, N.C., representing an investment close to $6 million, subscribing to a capital increase, with warrants allowing IBA to increase its participation on a later stage to approximately 20 percent.
As part of the agreement, PetroBeam ordered a Rhodotron and will exclusively purchase all future electron beam accelerators from IBA. In the Petrobeam Process, the Rhodotron is used to irradiate heavy oil or bitumen and transform it in light oil.
PetroBeam is a technology development company engaged in the research and development of a patent pending proprietary method for processing and upgrading petroleum and petroleum products (bitumen, heavy crude oil) and for enhancing refinery operations, using an electron beam accelerator.
The Rhodotron is a high-power, high-energy electron beam particle accelerator which allows particularly effective sterilization of single-use medical products, the pasteurization of food, the improvement of both polymers and numerous other materials.