By staff reporter Ouyang Changzheng

MidAmerican Energy Holdings Co., a subsidiary of U.S. billionaire Warren Buffett's Berkshire Hathaway Inc., has announced plans to invest US$ 231 million in BYD Co. (HKSE: 01211). It’s hoped the move will provide MidAmerican with a foothold in China's rechargeable battery market.

According to the agreement, MidAmerican Energy will buy 225 million of BYD's Hong Kong listed shares, equivalent to a stake of about 10 percent.

"We are thrilled to be partners with BYD and the people of China," said Buffett in a statement.

Wang Chuanfu, chairman of BYD, said that the partnership with MidAmerican would help BYD's products and technologies reach deeper into the global market.

David Sokol, MidAmerican Chairman, said that "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."

As China's largest maker of battery and electric vehicles, BYD is planning to sell hybrid cars in the U.S. as early as 2010, and will roll out its first all-electric auto in China next year.