Irish-based ElectroRoute acquired by Mitsubishi

Irish renewable energy trading firm ElectroRoute has been wholly acquired by Mitsubishi. Picture: Neil Michael.

Irish renewable energy trading firm ElectroRoute has been wholly acquired by Mitsubishi, the company announced today.

The Japanese trading company and car manufacturer completed its acquisition of the remaining 35.83% of ElectroRoute.

Mitsubishi first bought a controlling stake in the Dublin-headquartered firm in 2016.

Since then ElectroRoute has experienced significant growth, with annual turnover rising by 56%.

In 2020, with the support of Mitsubishi, ElectroRoute expanded into Japan.

The current senior management team at ElectroRoute will remain in their roles.

Founded in 2011, ElectroRoute has grown to employ over 90 people working in Ireland, the UK, Europe and Japan.

ElectroRoute operates its trading platform 24/7 providing trading services to a variety of renewable assets such as wind farms, solar farms, and batteries in 14 different energy markets.

Ronan Doherty, co-founder and Executive Director said: "Mitsubishi Corporation has played a crucial role in ElectroRoute’s journey since we first partnered in 2016, and from the beginning of this partnership, our ambitions have been aligned in the collective goal of making net zero a reality. 

"This is more important now today than it ever has been. Mitsubishi has a clear multi-year strategy and vision out to 2030 and beyond, and part of that will be growing ElectroRoute both in Europe and in Japan as the world accelerates the shift towards renewable and decarbonisation of society," Mr Doherty added.

Tsuyoshi Kaji, general manager of the utility service department, Mitsubishi said: “ElectroRoute has a key role to play in Mitsubishi’s energy transformation efforts. We are committed to clean, renewable energy and aim to have zero net emissions by 2050. Throughout our partnership we have seen ElectroRoute’s expertise and the unique role it plays in energy markets across Europe and now in Japan. 

"Today’s announcement represents a huge opportunity for both Mitsubishi and ElectroRoute as we drive new and sustainable growth during this period of deregulation in the Japanese market," he continued.