Warren Buffett continues to stock up on energy bets. Earlier this month a subsidiary of Buffett’s investment firm Berkshire Hathaway, MidAmerican Energy Holdings, agreed to acquire Constellation Energy, and this weekend it came out that MidAmerican plans to spend $230 million to buy 10 percent of BYD, a Chinese firm that makes next-generation batteries, electric cars and consumer electronics parts.
MidAmerican’s investment was reportedly to support BYD’s green technology investments. BYD is supposed to start selling its electric vehicles in China this year and in Europe by 2010. The news caused a jump in the shares of BYD subsidiary, BYD Electronic, which makes cell phones parts.
MidAmerican and BYD are supposed to have a news conference on Monday and provide more details. Given Buffett is widely regarded as one of the best investors of our time, we’re hoping to see a lot more alternative energy bets in the future.