Mitsubishi Corporation has signed a contract with Irish energy firm ElectroRoute to take a 60% stake in the firm.

The deal will allow ElectroRoute, which already trades across eight European markets, to continue to scale its operations internationally with the support of a company with a market capitalisation today in excess of 32 billion euro. ElectroRoute's entire senior founding management team, including CEO Ronan Doherty, will remain with the firm as it continues its expansion with plans including the opening of its first offices outside of Ireland.

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. With their support, ElectroRoute is now ideally placed to strengthen our positioning within our international energy markets. The ElectroRoute team and I are extremely excited about the new avenues that this investment will open up for our business and we are already putting plans in place to accelerate our next phase of expansion."

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Mitsubishi Corporation, New Energy & Power Generation Division COO Yoshinori Katayama, added: "We are very pleased to have signed this deal, which adds an exciting and innovative firm into our portfolio. It is a long-term strategy for our business to identify companies that will give us new business opportunities to pursue rather than traditional long term contracted IPP investment businesses. We were very impressed with ElectroRoute's business model and talent pool, which we felt made it a unique proposition. It is vital for us to now ensure they will have the significant resources and the independence required to develop into a global enterprise."

(CD/LM)