Mitsubishi Corporation has completed the acquisition of remaining shares of renewables trading firm ElectroRoute.
The transaction will further the company’s strategy of expansion and growth both in Europe and Japan, while ElectroRoute’s existing management team will remain in place.
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The Japanese conglomerate had first bought a controlling stake in the trading firm in 2016 which helped its expansion in the Japanese market in 2020, such as its participation in a power purchase agreement (PPA) between Amazon and Mitsubishi last year.
The trading company was established in 2011 and is currently located in Ireland, the UK, Europe and Japan and has a team of 90 professionals who provide trading services to renewable assets, including batteries, in 14 different energy markets through its trading platform ElectroRoute CORE.
Ronan Doherty, co-founder and executive director at ElectroRoute, said: “This transaction highlights Mitsubishi’s commitment to ElectroRoute and will allow us to continue to provide innovative energy trading solutions necessary to enable the decarbonised energy economy in Europe and Japan”.