Buffett Backs Batteries in China with $230 Million
Filed in archive Private Equity on October 1, 2008
The Street was among several news sources that reported earlier this week on Warren Buffett's move into China. Buffett's MidAmerican Energy Holdings Co., has announced plans to invest about $230 million in BYD Co., a Chinese car and battery maker.
Buffett is looking at obtaining a 10% stake in the Hong Kong company. BYD is probably the world's largest maker of the nickel and lithium-ion batteries used in cell phones. Those sorts of lithium-ion batteries have become the battery of choice for many electric car makers.
MidAmerican is also interest in BYD's work in creating batteries to store solar and wind power.
BusinessWeek described the deal this way:The deal represents Buffett's first strategic investment in China and shows he's betting on alternative energy in a major way. "I think the world has concluded we need to solve the CO2 problem," says MidAmerican Chairman David Sokol. "One area we must seriously affect is transport.
Buffett sees this particular investment as key to the success of the hybrid and electric car industry in America.
Photo courtesy of iStockphoto, Alexey Dudoladov
Tags: warren buffett green batteries MidAmerican Energy Holdings BYD china venture+capital
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