Matheson recently advised leading Irish energy trading and services firm ElectroRoute and its founders on a major new partnership with Mitsubishi Corporation. The deal which was announced on 14 October 2016 has seen Mitsubishi taking a 60% stake in the Irish company. 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.
ElectroRoute is one of the few specialist companies of its type in the world and has grown rapidly from a start-up with just four people in 2011 to over 40 today. It is uniquely positioned at the crossroads of international energy markets. ElectroRoute trades energy on a 24/7 basis across the entire spectrum with 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 and currently has over 600MW of assets under management. It has a presence in energy markets in Ireland, UK, Netherlands, France, Italy, Germany, and Spain.
Mitsubishi Corporation is Japan’s largest trading and investment company, a so-called sogo shosha. It is involved in a wide variety of sectors on a global scale, including finance, banking, chemicals, food, and energy. Its New Energy & Power Generation Division has significant interest in power generation projects including renewables. ElectroRoute is the first company of its kind to be added to Mitsubishi Corporation’s portfolio, a move that underscores the Corporation’s intention to pursue new business models in a rapidly changing energy sector.
The next phase of the strategy will see the company significantly expand its client services offering and expand into Great Britain with the opening of its first offices outside of Ireland.
The Matheson team advising ElectroRoute and its founders was led by Dublin based Corporate M&A Partner, Fergus Bolster, who has advised ElectroRoute since its start-up phase.
As the law firm of choice for internationally focused companies, Matheson is ideally placed to advise ElectroRoute on its positioning within international energy markets.