Mitsubishi Corp takes Irish route
Japanese trading giant acquires 60% of ElectroRoute
Japanese trading giant Mitsubishi Corp is to take a 60% stake in Irish energy trader ElectroRoute.
ElectroRoute, which markets renewable electricity among several trading activities, said the deal will help it to continue to “scale its operations internationally".
The company said its senior founding management team, including chief executive Ronan Doherty, will remain at ElectroRoute.
It trades energy on a 24/7 basis across the entire spectrum with spot trading, futures trading, cross-border trading and green certificates trading.
The company also provides managed trading services to over 600MW of energy assets.
ElectroRoute said the next phase of its strategy is to expand into Great Britain with the opening of its first offices outside of Ireland.
Doherty said: “Choosing to partner with Mitsubishi Corp allows us … to develop our service offering for our clients, identify and expand into new markets, and grow our team.”
Image: Dublin (sxc)