Researchers from the University of Michigan and Shanghai Jiao Tong University hope to develop lithium-air batteries with more than 100 times the storage capacity as traditional lithium-ion batteries, according to the Shanghai Daily.

U-M and SJTU revealed details about their first joint engineering research project on Tuesday. The universities, which collectively operate the U-M SJTU Joint Institute, announced plans Tuesday to devote $1.2 million to six research projects.

The lithium-air project aims to provide more efficient batteries for electric vehicles, making them competitive with traditional internal combustion engine cars.

"The new battery is expected to be developed in two to three years and put into use in five years," Ni Jun, dean of UM-SJTU Joint Institute, told the Shanghai Daily.

Although China's auto industry is still in its infancy, China is considered a world leader in lithium-ion batteries due to its extensive expertise in power storage for small electronics, such as laptops and cell phones.

U-M hopes the joint research project with SJTU could help the universities land headquarters for the U.S. China Clean Energy Research Center, a $150 million project announced by the American and Chinese governments last year.