Mitsubishi Corporation has completed its acquisition of Ireland-headquartered renewables trading outfit ElectroRoute.
Mitsubishi completed the acquisition of the remaining 35.83% of the business, having initially bought a controlling stake in 2016.
ElectroRoute has “grown strongly” since then, with annual turnover increasing by 56% while the company also expanded into the Japanese market in 2020 with Mitsubishi’s support.
The deal will see a continued focus in the company’s strategy for further expansion and growth, while ElectroRoute’s senior management team will remain in their roles.
ElectroRoute was established in 2011 and has grown to now employ over 90 energy professionals located in Ireland, the UK, Europe and Japan.
ElectroRoute’s trading team operates 24/7, utilising its bespoke trading platform ElectroRoute CORE to provide trading services to renewable assets including wind farms, solar farms, and batteries in 14 separate energy markets.
Mitsubishi Corporation is Japan’s largest trading and investment company.
ElectroRoute Co-Founder and Executive Director Ronan Doherty 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.