Energy trader ElectroRoute creates 50 jobs in Ireland and Japan

Irish energy trader ElectroRoute will create 50 jobs in Ireland and Japan over the next three years. It follows the Dublin-based company’s takeover by Japanese group Mitsubishi in a multi-million euro deal this summer.

itsubishi has injected €300 million into the company over the past 12 months to fund growth and offset energy market volatility, ElectroRoute said in a statement Monday.

ElectroRoute was founded in 2011 and expanded to the Japanese market in 2020. Mitsubishi took a majority stake in the company in 2016 and fully acquired the company in July of that year.

The company currently employs over 90 people across Ireland, the UK, Europe and Japan, including 25 new hires in Ireland in the last 12 months.

ElectroRoute trades energy through spot markets, futures, commodities and green certificates for renewable energy producers, including wind and solar farms.

ElectroRoute’s accounts show that revenue attributable to the company was €46.2 million in fiscal 2021 – a significant increase from €14 million in the previous year.

In the 2021 financial year, the company achieved an operating profit of 8 million euros, compared to 6.5 million euros in the previous period. Profit after tax rose from €5.8 million to €7.3 million.

The company noted that it had net assets of €36.5 million at the end of its 2021 fiscal year.

The Japanese government has pledged to reduce the country’s greenhouse gas emissions by 46 percent by 2030 and aims to become carbon neutral by 2050.

ElectroRoute Japan boss Eamonn O’Donoghue said the world’s third largest economy has “a particularly interesting energy market as it was deregulated later than Europe”.

Ronan Doherty, chief executive officer and co-founder of ElectroRoute, said Japan’s renewable energy market is a “rapidly growing one”.

“The country has shown an admirable commitment to the green transition and has invested heavily in renewable energy.

“It has set itself challenging but achievable goals that require international expertise like ours to achieve them. So it was a natural progression for us to continue our expansion into Japan and grow our team.”

Tsuyoshi Kaji, general manager of Mitsubishi’s utility service division, said ElectroRoute “plays a key role in Mitsubishi’s energy conversion efforts.”

https://www.independent.ie/business/irish/energy-trader-electroroute-to-add-50-jobs-in-ireland-and-japan-42142866.html Energy trader ElectroRoute creates 50 jobs in Ireland and Japan

Fry Electronics Team

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