Mitsubishi Corporation to Invest in Irish Energy Trader ElectroRoute
October 14th, 2016 – Mitsubishi Corporation (MC) has reached an agreement for capital participation in ElectroRoute, an Irish firm specializing in international trading in power and related products. MC will acquire a 60% stake in ElectroRoute through Diamond Generating Europe, its wholly owned subsidiary, which is already a player in the power business in Europe and the Middle East.
ElectroRoute is one of the few specialist companies of its type in the world and has grown rapidly from a start-up in 2011. Uniquely positioned at the crossroads of international energy markets, ElectroRoute trades energy 24 hours a day across the entire spectrum, including spot trading, futures trading, cross-border trading and green certificates trading. It also provides managed trading services to energy assets, giving them ready access to pan-European markets. ElectroRoute already has a presence in eight European countries and will be combining its own expertise with MC’s global network to expand its trading and service-provider business internationally.
There is a growing consensus worldwide that societies need to pursue environmentally-friendly energy solutions such as renewable sources as part of the quest for energy security. MC recognizes that the power business environment is changing dramatically, including greater deregulation, and will take on the challenge of new business opportunities in order to continue contributing to society over the long term. Capital participation in ElectroRoute will also enable MC to become involved in the client services business, yet another opportunity to provide customers with added value as well as to enhance the value of its electricity business overall.
1. Outline of ElectroRoute:
(1) Headquarters: Dublin, Ireland
(2) Established: 2011
(3) Business Activities: Independent power trading and related services. ElectroRoute offers services traditionally provided by large utility companies, but has grown rapidly as a result of its unique capacity to deliver flexible services to customers.
(4) Representative: Ronan Doherty, CEO
2. Outline of Mitsubishi Corporation
(1) Headquarters: 3-1, Marunouchi 2-Chome, Chiyoda-Ku, Tokyo Japan
(2) Established: April 1954
(3) Business Activities: MC is a global integrated business enterprise that develops and operates businesses across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. MC’s current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods.
(4) Representative: Takehiko Kakiuchi, President and CEO
3. Outline of Diamond Generating Europe
(1) Headquarters: London, UK
(2) Established: 2012
(3) Business Activities: Power generation business in Europe and Middle East
(4) Representative: Keiichi Suzuki, CEO