Legendary investor Warren Buffett made another investment in cleantech this week. This time purchasing a stake in a chinese battery and electric vehicle manufacturer.
MidAmerican Energy Holdings Company, a subsidiary of Buffett’s Berkshire Hathaway Inc. (NYSE: BRKA), has agreed to purchase 225 million shares, representing approximately a 10% interest, in BYD Company Limited (1211.HK). The investment is valued at approximately US$230 million.
BYD’s corporate focus is researching, developing, manufacturing and selling rechargeable batteries (Li-ion, Nickel batteries), automobiles, electric automobiles and related products.
"We are thrilled to be partners with BYD and the people of China. Mr. Wang Chuanfu has an extraordinary managerial record, and we welcome the opportunity to work with him," said Warren E. Buffett, chairman and CEO of Berkshire Hathaway Inc.
David Sokol, chairman of MidAmerican, said, "As worldwide discussions relating to global climate change and environmental respect continue, the technologies being developed by BYD will be an integral part of the future."
Acquisition of Constellation Energy
Earlier this month MidAmerican Energy Holdings Company announced it would purchase all of the outstanding shares of Constellation Energy (NYSE: CEG) for a cash consideration of approximately $4.7 billion, or $26.50 per share.
Constellation Energy is a FORTUNE 125 company and the nation’s largest competitive supplier of electricity to large commercial and industrial customers and the nation’s largest wholesale power seller. Constellation Energy also owns a diversified fleet of 83 generating units located throughout the United States, totaling approximately 9,000 megawatts of generating capacity from natural gas, hydroelectric, wind power and other resources.
About BYD Company Limited
Established in 1995, BYD Company Limited, a Hong Kong listed company since 2002, primarily engaged in IT components and automobile and auto parts manufacture. BYD has seven production bases in Guangdong, Beijing, Shanghai, and Xi’an with nearly 10 million square meters area and with offices in the United States, Europe, Japan, South Korea, India, Taiwan, Hong Kong and other regions. The company has 130,000 employees worldwide. Information about BYD is available at http://www.byd.com.cn.
About Berkshire Hathaway
Berkshire Hathaway, based in Omaha, Neb., and its subsidiaries engage in diverse business activities including property and casualty insurance and reinsurance, utilities and energy, finance, manufacturing, retailing and services. Information about Berkshire Hathaway is available at http://www.berkshirehathaway.com.
About MidAmerican Energy Holdings Company
MidAmerican Energy Holdings Company, based in Des Moines, Iowa, is a global provider of energy services. Berkshire Hathaway owns 87.4% of MidAmerican. Through its energy-related business platforms, MidAmerican provides electric and natural gas service to more than 6.9 million customers worldwide. These business platforms are Pacific Power, Rocky Mountain Power and PacifiCorp Energy, which comprise PacifiCorp; MidAmerican Energy Company; CE Electric UK; Northern Natural Gas Company; Kern River Gas Transmission Company; and CalEnergy.
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