ElectroRoute, the renewable energy trading firm run out of Dublin that is owned by Japan’s Mitsubishi Corporation, plans to add over 50 jobs in Japan and Ireland over the next three years as it expands in both markets.
The company, registered in Donegal and led by co-founder and chief executive Ronan Doherty, has hired 25 people over the past 12 months, bringing its workforce to over 90 energy professionals located in Ireland, the UK, Europe and Japan.
ElectroRoute’s growth has been facilitated by the provision of €300 million in funding by Mitsubishi in the last 12 months, given the volatility of global energy markets, it said in a statement.
Mitsubishi bought a controlling stake in the business in 2016 and bought the remaining 35.8 per cent in July for undisclosed terms.
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Energy spectrum
ElectoRoute, founded in 2011, trades energy 24 hours a day across the energy spectrum, including spot trading, futures trading, commodities and green certificates trading. It provides essential trading services to 1.4 gigawatts (GW) of renewable assets including wind farms, solar farms and batteries in 15 separate energy markets.
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.
The company announced its first major contract in the Japanese energy market in September 2021 when a milestone corporate power purchase agreement was signed between its sister company, MC Retail Energy, and a corporate buyer.
Head of ElectroRoute Japan Eamonn O’Donoghue said: “Japan is the world’s third-largest economy and has a particularly interesting energy market in that it deregulated later than Europe. This, coupled with its ambitious renewables targets, means that ElectroRoute can make a valuable contribution and I am looking forward to leading our expanding team through that process.”
