Irish energy trading group ElectroRoute has been wholly acquired by existing shareholder Mitsubishi in a multi-million-euro deal.
he Japanese group already owned almost 65pc of the company, having bought a controlling stake in 2016.
Dublin-headquartered ElectroRoute was founded by executives, including its CEO, Ronan Doherty in 2011 and employs 90 people across Ireland, the UK, mainland Europe and Japan.
Mitsubishi is buying the almost 36pc of ElectroRoute that it didn’t already own, it has confirmed.
Since the Japanese company first invested in ElectroRoute, the Irish firm has increased its turnover by 56pc, while it also expanded into the Japanese market in 2020.
ElectroRoute trades energy across spot trading, futures trading, commodities, and green certificates trading.
It provides trading services to renewable assets including wind farms, solar farms and batteries in 14 energy markets.
Accounts for ElectroRoute show that its commodity trading turnover was € 3.3bn in the year to the end of March 2021. That compared to just under € 3bn the previous financial year.
However, the turnover attributable to the company in the 2021 financial year was € 46.2m – a significant increase on the € 14m in recorded the previous year.
It made an € 8m operating profit in the 2021 financial year, up from € 6.5m in the previous period. Its profit after tax increased to € 7.3m from € 5.8m.
The company noted that at the end of its 2021 financial year, it had net assets of € 36.5m.
Mr Doherty said Mitsubishi has played a “crucial role” in ElectroRoute’s performance in the past six years, including “making net zero a reality”.
“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 said.