Eike Batista: Brazil's Oil Man
Eike Batista: Brazil’s Oil Man and One of the Richest Men in the World
Brazilian oil man Eike Batista’s ambition is topped only by his unapologetic candor. To say Batista is a lucky man is an understatement, and a slew of highly successful companies are the proof. He is Latin America’s wealthiest man and Forbes’ 8th richest billionaire in the world, but that’s not enough for Batista, and he has publicly stated his intentions to become the wealthiest man in the world within the next decade.
Batista was fortunate to be born to a highly respected Brazilian government worker, Eliezer Batista da Silva, who also headed of one of the world’s largest mining companies, Companhia Vale do Rio Doce. Batista got his start in mining, studying metallurgical engineering at the University of Aahen and becoming a gold trader. He moved into exploration, harvesting gold dust from the Amazon and eventually managing numerous gold mines.
In 1983, Batista founded EBX holding company. EBX Group expanded over the years to include several subsidiaries involved in various industries and employs approximately 20,000 people.
Batista made his way into the oil and natural gas market with OGX in 2007, and has grown the company into the largest private oil and gas exploration firm in Brazil. OGX’s current portfolio includes 29 exploratory blocks in Brazil’s offshore basin, containing an estimated 6.7 billion barrels of net risked prospective resources.
Batista lives life in the fast lane… literally. In his youth, Batista was a national and international champion speedboat racer and has financed several speedboat racetracks throughout Brazil in his effort to mark his home country as one of the top nations in the sport. He was also married to Brazilian Playboy model and Carnival Queen Luma de Oliveira, with whom he had two children.
It seems like Eike Batista has everything, but he is a superstitious man who accredits his good fortune to his superstitious nature. He believes the reason his companies are so successful is in part to the inclusion of the letter “X” in all the company names. Batista claims that X is the symbol for multiplication of wealth. Also, all of the monetary business deals made by Batista include the number 63, the number of his racing boat when he was a champion in his youth. Now, he seeks to be the champion in a different kind of contest, the race for the title of “Richest Man in the World.” Speculators have predicted that if Batista’s business trends continue, he could be worth $200 billion by 2020, clinching the title for sure.
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.