Mitsubishi Corporation Completes Acquisition of ElectroRoute

July 2022: Leading renewable energy trading firm ElectroRoute has today announced that Mitsubishi Corporation has completed its 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, and ElectroRoute’s senior management team will remain in their roles.

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.

Mitsubishi Corporation is Japan’s largest trading and investment company, (a so-called sogo shosha) and is involved in a wide variety of sectors on a global scale, including finance, banking, chemicals, food, and energy.

Commenting on the deal, 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.

“This transaction highlights Mitsubishi’s commitment to ElectroRoute and will allow us to continue to provide innovative energy trading solutions necessary to enable the decarbonised energy economy in Europe and Japan”.

Speaking about the acquisition, Mitsubishi’s 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. Today’s announcement 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.”

About ElectroRoute

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.

In April 2022 MC announced its investment in Breakthrough Energy Catalyst, a program dedicated to accelerating innovative climate technologies.