Toshiba said the company will invest approximately 700 billion yen (US$8.56 billion; US$1=81.8 yen) in the next three years to meet demand from infrastructure projects, according to a May 23, 2011 report by Nikkei. Add the US$8.56 billion investment plan, Toshiba's capital and R&D budget is estimated at three trillion yen (US$36.67 billion) in the 2011 to 2013 period, up 50% from the 2008 to 2010 period. Toshiba's investment is projected to concentrate on environment and energy sectors, such as solar energy and smart grid. Toshiba is expected to expand output at its lithium-ion battery plant located in Kashiwazaki, Niigata Prefecture, targeting at increasing demand from smart grid applications.