Construction BUSINESS

Irish energy and trading services firm Electroroute has agreed a deal that will see Mitsubishi Corporation take a 60% stake in the company.

Electroroute’s path to International markets will now be supported by a company with a market capitalisation of €32 billion.

With these opportunities for expansion, the company will now begin to open its first offices outside Ireland, with CEO Ronan Doherty remaining as a leader within the senior management team.

Established only five years ago, the company trades energy on a 24/7 basis across the entire spectrum using spot trading, futures trading, cross-border trading and green certificates trading. As well as that, Electroroute provides managing trading services to energy assets, giving them ready access to pan-European markets and currently has over 600MW of assets under management.

The Irish company is the first of its kind to be added to the Japanese giant’s portfolio in its New Energy & Power Generation Division.

Doherty commented: “The interest in our company from a trading house with the scale and heritage of Mitsubishi Corporation is a wonderful validation of our business model. With their support, Electroroute is now ideally placed to strengthen our positioning within our international energy markets.

Mitsubishi Corporation’s COO of the New Energy & Power Generation division, Yoshinori Katayama, said: “We were very impressed with Electroroute’s business model and talent pool, which we felt made it a unique proposition.”