Buffett Buys BYD's Battery Brain Trust

In the midst of financial turmoil elsewhere, a vote of confidence went out Tuesday to the Chinese battery manufacturer and automaker, BYD, when MidAmerican Holdings, a division of Warren Buffett's Berkshire Hathaway, announced a $230 million investment in the company.

That gives MidAmerican a 10 percent stake in BYD, with the stated goal of developing storage devices for solar and wind energy, according to Bloomberg News, as well as improved battery technology for electric vehicles.

As Keith Bradsher notes in The Times today, one of the chief limitations of solar and wind is the inability to store the energy generated for those times when the wind isn't blowing, or the sun isn't shining.

The move also gives MidAmerican, a holder of several electric utility companies in the United States, a stake in electric car development (BYD is planning to mass produce a hybrid electric vehicle by the end of the year).

Read the full story here.

Related:

Warren Buffett Backs Bailout Plan

Warren Buffett To Invest $3B In GE, Similar Perks To His Goldman Deal

Comments

[topshelf]

I happened to find BYD Company months ago. I did some deep research [DD], and bought some. The Fundamentals looked super to me, though I was wrong in guessing the Battery Maker from China that an email had sent to me. Those of you who invest should take a look. It is available to US Investors, using the symbol BYDDF. What I really like is they are already a profitable company, China's largest battery maker, very large R&D dept, and they grabbed the last Permit to be an AutoMaker in China. The articles about Buffet's entry hints at expanding to Alt Energy [Wind & Solar] Battery Storage. This stock was near $10/US about a year ago, and currently around $2/US. The Shanghai Exchange had been cut, about 70% off the former High of 6,000+ to its current 1,800ish. On my first DD at Solars I was shocked. I was unaware of just how advanced the Sector is. I believe most Americans would also be unaware of the Solar Sector, and Hybrid Autos. This should/could be an Industry here. We sure can use the jobs.

[gorgol]

Warren is sending a message to America. Renewable Energy Funding is now STALLED in congress...why?? because BIG OIL IS KING IN AMERICA....we even went to IRaq for "big oil"...Warren knows this...he knows our goverments interest in renewable energy is a SHAM>..he'll invest where the profits will be..and sorry folks..IT AINT HERE.

[delvis]

good for him

[alvdh1]

I am glad Buffett may his first large investment in green energy technology, but it woould have had more impact if he had invested in an American company given the latest economic numbers. There many promising U.S. companies who could have benefited from a large cash infusion from him: Altair Nano Technologies, A123 Systems, Energy Conversion Devices, Hoku Scientific, Evergreen Solar, Phoenix Motorcars and Tesla.