Mitsubishi has taken a 60% stake in Irish energy trading and services firm ElectroRoute.
The deal will allow ElectroRoute, which already trades across multiple European markets, to continue to scale its operations internationally with the support of Mitsubishi, which has a market capitalisation of around €32 billion.
ElectroRoute’s senior founding management team, including CEO Ronan Doherty, will remain with the firm.
The company, which was started in 2011, has 40 employees and currently has over 600MW of assests under its management.
It has a presence in energy markets in Ireland, UK, Netherlands, France, Italy, Germany, and Spain.
As part of the expansion, ElectroRoute is set to expand into Great Britain with the opening of its first offices outside of Ireland.
Mitsubishi Corporation is Japan’s largest trading and investment company – with interests across sectors, including finance, banking, chemicals, food, and energy.
ElectroRoute CEO Ronan Doherty said 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”.
ElectroRoute was initially supported by Enterprise Ireland and The Bank of Ireland Start-Up and Emerging Sectors Equity Fund.