Japan’s giant electronic company Mitsubishi Corporation has bought out an Irish company set up by an Ardara man.
Energy trading company ElectroRoute, which has offices in Letterkenny’s CoLab, was co-founded by Ardara man Ronan Doherty.
Mitsubishi has now full ownership of ElectroRoute, after buying the remaining 35.8% stake in the business having previously bought a controlling stake in the company in 2016.
Founded in 2011, ElectroRoute has grown rapidly and now employs over 90 energy professionals in Ireland, the UK, Europe and Japan.
ElectroRoute provides trading services to renewable assets including wind farms, solar farms, and batteries in 14 separate energy markets.
Its co-founder and executive director Ronan Doherty said that Mitsubishi Corporation has played a crucial role in ElectroRoute’s journey since they first partnered in 2016.
“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,” he said.
“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,” he added.
Mitsubishi’s General Manager of Utility Service Department Tsuyoshi Kaji said that 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,” Tsuyoshi Kaji said.
“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,” he added.
