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Mitsubishi buys out of Irish energy trading company ElectroRoute

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Irish energy trading group ElectroRoute has been fully acquired by existing shareholder Mitsubishi in a multi-million euro deal.

The Japanese group already owned nearly 65 percent of the company after acquiring a majority stake in 2016.

Headquartered in Dublin, ElectroRoute was founded in 2011 by executives including CEO Ronan Doherty and employs 90 people across Ireland, the UK, Europe and Japan.

Mitsubishi is buying the nearly 36 ElectroRoutes it doesn’t already own, it has confirmed.

Since the Japanese company first invested in ElectroRoute, the Irish company has increased its sales by 56 percent and also expanded into the Japanese market in 2020.

ElectroRoute trades energy through spot trading, futures trading, commodities and green certificate trading.

It provides trading services for renewable assets including wind farms, solar farms and batteries across 14 energy markets.

ElectroRoute accounts show that commodities trading revenue for the year ended March 2021 was €3.3 billion. That compared to almost 3 billion euros in the previous financial year.

However, the turnover attributable to the company was EUR 46.2 million in the 2021 financial year – a significant increase compared to the EUR 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.

Mr Doherty said Mitsubishi has played a “key role” in ElectroRoute’s performance over the past six years, including the “realization of net zero”.

“Mitsubishi has a clear multi-year strategy and vision to 2030 and beyond, and part of that will be expanding ElectroRoute in both Europe and Japan as the world accelerates the transition to renewable energy and decarbonizing society,” he said.

https://www.independent.ie/business/irish/mitsubishi-fully-buys-irish-energy-trading-business-electroroute-41819696.html Mitsubishi buys out of Irish energy trading company ElectroRoute

Fry Electronics Team

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