Mitsubishi buys remaining stake in Irish energy trader ElectroRoute

Japan’s Mitsubishi Corporation has taken full ownership of Irish energy trading company ElectroRoute, after acquiring the remaining 35.8 per cent stake in a business it took control of six years ago.

The financial terms of the deal were not disclosed. ElectroRoute, registered in Donegal but run from Dublin, is an international, renewables-focused, energy trading and services company that was co-founded by executive director Ronan Doherty.

The company has grown rapidly since its establishment in 2011, employing more than 90 professionals based in Ireland, Britain, Europe and, more recently, in Japan. Mitsubishi bought a controlling stake in the business in 2016. ElectroRoute’s senior management team will remain in their roles, the company said in a statement.

The company trades energy 24 hours a day across the energy spectrum, including spot trading, futures trading, commodities and green certificates trading.

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“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,” said Mr Doherty.

“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.”

ElectroRoute has, in recent times, been developing a business in Mitsubishi’s home market in Japan, which has only been liberalised since 2016 and is about a decade behind the European market in terms of the ability to trade power.

“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,” said Tsuyoshi Kaji, Mitsubishi’s general manager of its utility service department.

Last year, ElectroRoute hired Glen Dimplex’s then chief financial officer, Donal Flynn, to become its managing director of finance and operations. Mr Flynn previously held the role of executive director of group finance with ESB.