ElectroRoute To Add Over 50 Jobs in Japan and Ireland
14th November 2022. Following its acquisition by Mitsubishi Corporation in July, leading Irish renewable energy trading and services firm ElectroRoute has announced further expansion, both in Ireland and in its parent’s home market of Japan. The company’s growth has been facilitated by the provision of €300M in funding by Mitsubishi Corporation in the last twelve months, given the volatility of global energy markets.
The firm plans to add over 50 jobs by 2025, to be located in Japan and Ireland, having already hired 25 new people in Ireland in the last 12 months. The high value additions include roles in Proprietary Trading, Trading Operations, IT, Risk & Pricing, and Finance Operations.
ElectroRoute signalled its intent in the Japanese market in late 2020 with Founding Director Eamonn O’Donoghue relocating to Tokyo, taking up the role of Head of ElectroRoute Japan.
The company then announced its first major contract in the Japanese energy market in September 2021 when a milestone corporate Power Purchase Agreement (PPA) was signed between its sister company MC Retail Energy and a corporate buyer. From its Dublin base, the company leverages its ElectroRoute CORE IT platform, a unique AI-powered platform, machine learning forecasting capability and its 24/7 trading team to manage forecasting and balancing of the portfolio of over 400 different solar generation sites.
At the time of the deal, ElectroRoute predicted that this would be the first of many agreements as Japan races to meet challenging 2030 and 2050 renewable energy targets, and has signed some further route to market contracts and is in active discussions on a number of prospects.
Two years ago, former Prime Minister Yoshihide Suga pledged the country would be carbon neutral by 2050. Japan has seen phenomenal change in the last decade due to ongoing deregulation and the challenges posed by the Fukushima nuclear disaster in 2011.
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 ElectroRoute CORE to provide essential trading services to 1.4GW of renewable assets including wind farms, solar farms, and batteries in 15 separate energy markets.
Commenting on the expansion, ElectroRoute CEO and Co-Founder Ronan Doherty said, “We are very excited to be growing our presence in the fast-growing Japanese market.”
“The country has shown admirable commitment to the green transition and has been investing heavily in renewables. It has set itself challenging yet achievable targets which will require international expertise such as ours to accomplish so furthering our expansion into Japan and growing our team there was a natural progression for us.”
Head of ElectroRoute Japan, Eamonn O’Donoghue said, “Leading ElectroRoute’s expansion into the Japanese market has been a unique and rewarding challenge. 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.”
Speaking about the plans, Mitsubishi General Manager of Utility Service Department Tsuyoshi Kaji said, “ElectroRoute has a key role to play in Mitsubishi’s energy transformation efforts. We are committed to clean, renewable energy and aim to have zero net emissions by 2050. Throughout our partnership we have seen ElectroRoute’s expertise and the unique role it plays in energy markets across Europe and now in Japan. The company’s work since its arrival in Japan has been exemplary and this planned expansion 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.”
ElectroRoute is an international, renewables-focused, energy trading and services company. The company has grown rapidly from its establishment in 2011 to now employing over 90 professionals based in Ireland, the UK, Europe, and Japan.
The company’s vision is to make net zero a reality by solving the commercial mechanics of a decarbonised energy system. Its team of traders trade and optimise a range of renewable assets on a 24*7 basis using its unique, tech-driven, AI-powered platform, ElectroRoute CORE.
About Mitsubishi Corporation
Mitsubishi Corporation, headquartered in Tokyo, Japan, is a global, integrated business enterprise that develops and operates businesses in approximately 90 countries and regions worldwide.
As a private entity with ownership in resource, energy and many other businesses, MC is fully committed to doing its part in the worldwide push to decarbonize and unveiled its roadmap to carbon neutrality in October 2021.
ElectroRoute is part of MC’s Power Solution Group which conducts a variety of initiatives and renewable energy business that contributes significantly to the decarbonisation of society, new business in the electric power sector that utilises distributed solar and other forms of power generation, a lithium-ion battery business which is essential for the proliferation of electric vehicles and an energy storage business that utilises these batteries.