ElectroRoute Shows Strong Growth in 2021 – Growth Comes Following Expansion Into New Markets
21 November 2022
ElectroRoute Shows Strong Growth in 2021
Growth Comes Following Expansion Into New Markets
ElectroRoute, Ireland’s leading Irish energy trading and services companies, has reported strong organic growth for 2021, with turnover increasing to €203.3M for 2021 compared to €46.2M in 2020, while profits grew from €6.4M to €49.2M. The increases were driven by the company’s expansion into new markets in Europe and Japan, while also being aided by mark-to-market valuations of energy that will be delivered in the future.
The company also expanded into the Japanese market, leveraging its 2016 majority acquisition by Mitsubishi Corporation, which was fully completed in 2022. As part of this partnership, ElectroRoute also received a €300M investment from its parent company. The initial purpose of the capital injection from Mitsubishi Corporation was to allow ElectroRoute manage its way through the highly volatile energy trading environment and increased price levels. The capital provided by Mitsubishi allowed ElectroRoute to meet these requirements and maintain a number of profitable positions in its portfolio.
ElectroRoute began its journey in 2011 and has grown rapidly 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 essential trading services to renewable assets including wind farms, solar farms, and batteries in 14 separate energy markets.
In 2021, the company entered into its first major contract in the Japanese market with a milestone Power Purchase Agreement (PPA) between its sister company MC Retail Energy and a corporate buyer.
In the Irish market, ElectroRoute was proud to announce landmark PPAs in Northern Ireland with Evishagaran Wind Farm Limited and Craiggore Energy Limited, which are being developed by ERG SpA, a leading Italian independent producer of energy from renewable sources. The two wind farms in Co. Derry have a total installed capacity of 70MW and estimated annual output of over 250GWh capable of producing enough electricity to power approximately 47,500 homes annually and has been operational since the start of 2022.
ElectroRoute also increased its battery storage projects under management to 275MW, the largest independent battery portfolio on the island of Ireland. ElectroRoute’s portfolio represents over 40% market share on the island. The batteries being optimised by ElectroRoute are each supporting stability on the grid by providing crucial reserve and ancillary services products to System Operators.
Earlier this month, ElectroRoute announced its intention to hire an additional 50 professional staff by 2025.
Commenting on these results, Ronan Doherty, Executive Director of ElectroRoute, said, “ElectroRoute is incredibly proud of its continued growth. We have consistently created jobs in the industry, brought new practices and innovation, offset many million tons of Co2 through our activities, created steady and growing profits and attracted €300M+ FDI investment into the country.
“Our mission and that of the management team is not to win big in the short term. We set up ElectroRoute to affect change toward the green transition over the long term. For some of us the mission is longer than this, it is literally a career long purpose that has spanned research roles, policy roles, and multiple jobs in the industry and we look forward to continuing this into the future.”
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