MFT Energy

Notes compiled from publicly available sources. Last updated: 2026-10-11. Every figure is linked to the source it came from and dated. Verify against primary sources before relying on them.

TL;DR

MFT Energy (MFT Energy A/S, CVR 38175130) is an energy trading company headquartered in Aarhus, Denmark. The legal entity was registered in November 2016, and the company states that it began trading in April 2017 and gives 2017 as its founding year. It calls itself an independent trading hub for power, gas and "environmentals" (energy certificates), trading 24/7 on exchanges and bilaterally across intraday, day-ahead and forward markets, with offices in Denmark, Türkiye, Singapore, Australia, the US and Japan. Since January 2026 it has held 68% of Northium Energy ApS, a Danish developer of battery energy storage systems (BESS). In Japan it operates through MFT Energy APAC3株式会社, which is listed as a JEPX trading member and as an OCCTO member in the retail electricity business (小売電気事業者) category.

• FY2025 net trading income (gross profit) was EUR 37.7m, EBIT EUR 2.8m and profit EUR 1.9m. The FY2024 figures were EUR 80.1m, EUR 46.4m and EUR 36.8m, and the peak year was FY2022, with EBIT of EUR 576.2m. FY2026 guidance is EBIT of EUR 10m–50m (Annual Report 2025, pp. 7, 31; signed 2026-04-21).
• The company had 193 employees at 2025-12-31 (185 average FTE), and 69 of them were partners (co-owners). The workforce covered 29 nationalities (Annual Report 2025, pp. 7, 9, 24).
• No external venture or private-equity round was found. The group is controlled by MFT Energy Holding ApS (Annual Report 2025, note 27). The CVR extract lists seven holding companies as that entity's legal owners with 5% or more (CVR roles extract via eStatistik; accessed 2026-10-11).
• The trading systems are built in-house. Automated and algorithmic trading executed more than 60% of short-term power trades in 2024 (Annual Report 2024, p. 24). Job postings describe C#/.NET and Python on Microsoft Azure (2022 posting, 2026 posting). The corporate language is English (graduate page FAQ; Undated; accessed 2026-10-11).

Basic

Market context as stated by the company

From the Annual Report 2025 (pp. 12, 21, 29):

• The company describes 2025 as a continuation of the market normalisation seen since 2022. It says volatility was lower, especially in power, and that geopolitical events made price movements harder to analyse.
• It states that LNG became the dominant source of European gas supply in 2025, at about 40%. It also states that EU gas storage was 62% full at year-end, against 72% a year earlier.
• It states that, following the EU Omnibus package, it is no longer in scope for mandatory CSRD reporting. Its 2025 sustainability section draws on the voluntary VSME standard.

Identity and legal entities

Ownership percentages are "votes and ownership" at 2025-12-31 from Annual Report 2025 note 14 unless stated otherwise.

Continuity and structure notes:

• The CVR extract lists MFT Energy Holding ApS and BRAA INVEST A/S as founders (stiftere) of MFT Energy A/S on 2016-11-11. The company's 2020-05-14 release names Simon Rathjen as founder.
• AR2025 note 15 states that "a significant part of the Group's activities" is carried out through five Danish subsidiaries with significant non-controlling interests. The 2020 release described seven "trading Companies together with its partners".
• Primary CVR access (datacvr.virk.dk) and cvrapi.dk refused automated requests on 2026-10-11. Register facts on this page come from the eStatistik extract, which labels its source as "Specialudtræk fra CVR", and from the statutory annual reports.

Product

The company reports its income as "net trading income from energy commodities" (AR2025, note 4). Its counterparties are mainly TSOs, exchanges, clearing banks, and large energy and utility companies (AR2025, p. 36).

Business lines

Trading scope

• The trading page (Undated; accessed 2026-10-11) lists physical and financial trading via exchanges, standard futures and structured products, base, peak and customised delivery profiles, and capacity auctions. It names 27 exchanges, including EEX, EPEX, Nord Pool, ICE (Europe and USA), ICE NGX, CME, ASX, SGX, TOCOM, "JPEX, Japan", EMS (New Zealand) and several Balkan and Central European exchanges.
• The same page states that the operating model uses Robotic Process Automation (RPA) and machine learning.
• The company states that it obtained trading licences across all key US ISO areas in 2023 and executed its first physical power trades in Canada, Mexico and Japan in 2024 (AR2024, pp. 16, 23). It began US gas trading in 2025 (AR2025, p. 18).

Partner model

• The about page describes partner trading teams that govern their own business model and draw on a central "hub" for administration, capital and guarantees, software and tools development, risk, legal and market access.
• Partnership is offered to both trading and support staff. 69 of 193 employees were partners at end-2025 (AR2025, p. 9).

Reported scale over time

Japan

• Entity. The National Tax Agency record lists 「ＭＦＴ　Ｅｎｅｒｇｙ　ＡＰＡＣ３株式会社」 (furigana エムエフティエナジーエイパックスリー), corporate number 6010401167308, designated 令和4年5月17日 (2022-05-17). It records a head-office change (本店又は主たる事務所の所在地の変更) on 2024-10-17 from 東京都港区元麻布３丁目１番６号 to 東京都中央区日本橋２丁目１番３号アーバンネット日本橋二丁目ビル１０階 (NTA; information as of 2026-10-11). MFT Energy A/S holds 80% (AR2025, note 14).
• JEPX. The entity appears on JEPX's trading-member list, introduced as 「以下は現在の取引会員の一覧です」 ("the following is the list of current trading members") (JEPX membership page; accessed 2026-10-11). The page does not show a membership start date.
• OCCTO. OCCTO's member register (会員総数2286者, as of 2026-07-01) lists the entity with an OCCTO joining date (広域機関加入年月日) of 2023-04-28 and a mark in the 小売電気事業者 (retail electricity business) column only (OCCTO register PDF).
• Activity as reported by the parent. The company says it added Japan as a market in 2022 and began trading on the Japan Electric Power Exchange (AR2022, pp. 5, 26–27). In 2023 its Singapore office was the base for the Japan, Australia and Singapore trading teams (AR2023, p. 12). It reports its first physical trade in Japan in August 2024 and the opening of a Tokyo office in October 2024 (AR2024, p. 23). In 2025 it traded power in Japan, Australia and New Zealand (AR2025, p. 18).
• No Japanese-language press release, Tokyo job posting or named Japanese representative director was found (see Notes).

Northium Energy acquisition

• The company announced completion of a majority stake on 2026-01-08. AR2025 gives the stake as 68%, with control passing on 2026-01-05.
• The purchase consideration was EUR 5.0m: EUR 55k in cash and EUR 4,954k in contingent consideration. Earn-outs range from EUR 0 to EUR 8.7m and depend on project development and divestment (AR2025, note 29).
• MFT Energy says it contributes "market optimization, algorithmic trading, and market execution" capabilities for BESS. Tore Høffner Andersen (VP, Legal & Compliance) leads the BESS activities and sits on Northium's board (release).

Stated plans

• Envision '28 (2025–2027) has four priorities: accelerating global growth, enhancing the technological foundation ("standardizing our technical foundation, streamlining core systems, and enabling self-service access to data"), fuelling people excellence, and moving into assets, namely managing batteries and renewable assets through trading and optimisation (about page; AR2025, p. 14).
• 2026 priorities stated in AR2025 (pp. 5, 16–18): scaling trading automation, strengthening risk management, building leadership capabilities, reviewing recruitment, and expanding environmentals in European certificate markets.

Founder

Simon Fisker Rathjen, founder and deputy chair of the board.

• Montel described him as "a former Danske Commodities trader" who founded MFT Energy in 2017 (Montel, 2018-04-18).
• CVR roles extract: board member of MFT Energy A/S from 2017-08-22; registered as director on 2017-12-19; chair from 2020-05-14; deputy chair since 2022-06-07 (CVR roles extract).
• In May 2020 he became chair when the incoming CEO left that seat. The release names him "the founder of the company" (2020-05-14).
• AR2025 board profile: Danish, born 1986, not independent, member of the Risk & Audit Committee, director of MFT Energy US Inc (AR2025, p. 38).

Selected leadership

The executive leadership listed on the about page (Undated; accessed 2026-10-11):

Leadership history:

• April 2018. Torben Nordal Clausen, CEO of Danske Commodities from 2010 to 2014, became chair and an investor, and Cagdas Ozan Ates became CEO (Montel; 2020 release).
• 2020-05-14. Clausen became CEO with a stated goal of an IPO "within three years", and Rathjen became chair (release).
• June 2022. A new board took office, with Eivind Kolding as chair and Rathjen as deputy chair (2022-06-02).
• 2023. Bo Palmgren became CEO; CVR registers him as director from 2023-05-30.

Current board per the about page and the CVR extract (accessed 2026-10-11): Eivind Kolding (chair), Simon Fisker Rathjen (deputy chair), Per Schnack and Karen Frøsig. For AR2025's six-member list, see Notes. AR2025 (p. 9) lists the support departments as People Operations, Finance, Risk & Treasury, Market Access, Technology, Legal & Compliance and Leadership.

Capital and financials

Ownership and funding

• No external venture-capital or private-equity round was found (see Notes for search scope).
• Control. AR2025 note 27 states: "The Group is controlled by" MFT Energy Holding ApS, the ultimate parent company.
• Holding-company owners. The CVR extract lists the legal owners of MFT Energy Holding ApS above 5% as of 2026-10-11 as follows: ATES INVEST ApS (20–24.99%), VORUP INVEST ApS (15–19.99%), Rathjen Invest ApS (10–14.99%), BOAK INVEST ApS (10–14.99%), Braa Holding A/S (10–14.99%), SP50 Invest ApS (5–9.99%) and NORDAL CLAUSEN HOLDING ApS (5–9.99%) (CVR roles extract). All seven names appear in AR2025's list of "other related parties" (note 27).
• ShareCo. MFT Energy ShareCo ApS, which was registered in 2025, became a 5–9.99% legal owner of MFT Energy A/S on 2026-05-06 (CVR roles extract).
• Share capital and warrants. The share capital is 510,206 ordinary shares with no special rights. A warrant programme for key employees granted 3,340 warrants in December 2025, leaving 8,220 employee warrants and 301 board warrants outstanding at year-end. The warrants vest over three years and are settled in MFT Energy A/S shares (AR2025, notes 6 and 23).

Five-year figures

Group figures in EUR thousand, IFRS, from the Annual Report 2025 five-year table (p. 7).

• Earlier years. Gross profit was EUR 2,992k in 2018, EUR 3,877k in 2019 and EUR 13,408k in 2020, and EBIT was EUR 2,325k, EUR 2,221k and EUR 7,815k. The 2018–2019 figures follow Danish GAAP; IFRS applies from 2020 (AR2021, p. 7).
• Presentation change. AR2021 reported revenue of EUR 1,338,762k for 2021, and AR2022 reported EUR 7,875,685k for 2022. From 2023 the company presents net trading income instead of gross revenue and cost of sales, with no effect on results. The 2022 comparatives were restated to net trading income of EUR 641,864k (AR2023, p. 55).
• Liquidity at 2025-12-31. Cash and cash equivalents were EUR 81.1m and current asset investments EUR 8.4m (AR2025, p. 7).
• Dividends. Dividends paid were EUR 21.4 per share for 2025 and EUR 23.8 for 2024, with none proposed for 2025. An extraordinary dividend of EUR 8,250k was approved in March 2026 (AR2025, notes 23 and 30).
• Guidance against outcome. AR2024 guided FY2025 EBIT of EUR 25m–75m. AR2025 reports EUR 2.8m, attributing the shortfall to geopolitics and lower fundamental volatility. FY2026 guidance is EUR 10m–50m (AR2025, pp. 29, 31).

Engineering

Technology stack and platforms

Systems

Technical background sought

• Software Developer for European Power Trading (Aarhus; LinkedIn shows it as posted about three weeks before 2026-10-11, entry level). Required: a software-development background ("a few years of experience, or a strong foundation from your degree"), hands-on Python, C#/.NET or similar, willingness to work across the stack, and direct work with traders. Bonus: trading, finance or energy experience, and data pipelines, APIs or real-time systems in a business-critical context (LinkedIn).
• Software Developer, APAC Power Trading Squad (Singapore; posted 2026-05-22, closed). Required: a CS-type degree, 1–3 years of experience, and advanced Python and C#. Preferred: Rust, DevOps practices and Azure (MyCareersFuture).
• IT Infrastructure Engineer – Azure (Aarhus; published 2026-06-01, open on 2026-10-11). Required: hands-on Azure infrastructure, cloud networking, identity, security and endpoint management, and Intune and Entra ID (posting).
• Execution Algo Developer (Aarhus; archived 2024-11-13). Core: Python, reliable automated and remote systems, and complex pricing and monitoring systems, with an MSc or PhD. Beneficial: Azure, reinforcement learning, Rust, and a trading or exchange background (archive).
• Full-Stack Software Developer (Revelstoke, BC, Canada; archived 2025-01-20). Requirements: 4–8 years of experience, Python, SQL, API design, Docker, CI/CD, Azure, React, unit testing, Git, distributed systems and Agile (archive).
• Senior Data Engineer (Aarhus; archived 2023-01-30). Requirements: SQL, data-warehouse architecture, data modelling of business cases, and knowledge of ML, AI and statistics (archive).

Industry domain

• Market mechanics. Intraday, day-ahead and forward power trading; physical and financial products; base, peak and custom profiles; capacity auctions; cross-border trades that move energy from regions with high supply to regions with low supply (trading page; AR2025, p. 22).
• Gas. European hubs, LNG and storage dynamics, and US gas from 2025 (AR2025, pp. 12, 18).
• Environmentals. Power certificates and renewable-gas certificates driven by compliance demand (AR2025, p. 13).
• Battery storage. Intraday, balancing and ancillary-services markets for BESS (Northium page).
• Regulation. REMIT and REMIT II, MAR, EMIR and provisions of MiFID II in Europe; comparable regimes in North America and APAC; the Danish Act on Strengthened Preparedness in the Energy Sector; NIS2 (AR2025, pp. 26, 37; AR2024, p. 35). In Japan: JEPX trading and OCCTO membership (see Product).
• Required or learnable. The 2026 Aarhus posting says what matters most is "not a background in trading or energy" and lists trading or energy experience as a bonus. The 2022 postings said the company onboards new hires into the energy and trading industry (LinkedIn; 2022).

Working conditions

Notes

Not publicly disclosed

Search scope (2026-10-11): the mft-energy.com homepage navigation, robots.txt and sitemap index (post, page and job sitemaps), and the about, trading, Northium, career, graduate, contact, press and news pages; the Teamtailor careers site and its RSS feed, plus Wayback Machine captures of Teamtailor postings from 2021–2025; annual reports for 2021–2025; CVR data via the eStatistik extract (datacvr.virk.dk and cvrapi.dk refused automated access); the NTA corporate-number site, the JEPX member list and the OCCTO register; MyCareersFuture; LinkedIn company and job pages; GitHub search and API; The Hub, Jobindex, TokyoDev, Japan Dev and PR TIMES; and web searches in English, Danish and Japanese for "MFT Energy", "MFT Energy A/S" and "MFT Energy APAC3".

• Engineering blog, conference talks and open source. None found. The GitHub organisation mftenergy (display name "MFT Energy", created 2019-04-01) has no public repositories. github.com/mft-energy redirects to a GitHub Enterprise single-sign-on page. Neither is linked from the company site, so ownership is unconfirmed.
• Technology headcount. Not published. The most specific figures are an 8-person software team in Aarhus and 3 in Singapore (postings archived 2022-07-03), 9 developers in October 2022, and the AR2023 statement that more than 40% of employees are "analysts or technology profiles" (p. 16).
• Salary ranges for Danish, US and Japanese roles.
• Gross revenue since FY2023. It is not reported because of the switch to net presentation.
• Beneficial owners (reelle ejere). Not retrieved, because primary CVR access was blocked. This page records legal owners at entity level only.
• Japan. No representative director's name, Japan headcount, METI retail registration number (the METI list returned HTTP 403), Japanese-language press release, PR TIMES item, or Tokyo job posting was found. JEPX does not show when the entity became a member.
• Regulatory registrations outside Japan. Registrations such as FERC market-based-rate filings and the ACER REMIT register were not verified in this pass.
• Security certification. No ISO 27001 or SOC 2 certification is named on the site or in AR2024 or AR2025. AR2024 (p. 35) describes an NIS2 implementation project.

Inconsistencies across sources

• Founding date. The CVR start date is 2016-11-11. The company says "Founded in 2017" (homepage, AR2025), and the 2020 release says trading started in April 2017.
• Start of gas trading. AR2025 (p. 12) gives 2019. AR2021 (p. 24) says MFT Energy Gas "was established in 2020", and the 2022-06-02 release also places it in 2020.
• Headcount. Figures given include 193 at end-2025 (AR2025, homepage); 186 as of 2026-04-17 (release); 185 (release, 2026-06-16); "around 200" (2026 postings); a 51–200 size band with 218 associated members on LinkedIn (accessed 2026-10-11); and 93 for the legal entity MFT Energy A/S alone in the CVR extract.
• Nationalities. Reported counts are 28 (as of 2026-04-17), 29 (AR2025), 31 (AR2024, the release of 2025-04-10 and the graduate page body) and 32 (graduate page FAQ).
• Board. AR2025, signed on 2026-04-21, lists six members, including Heidi Frederikke Sigdal and Allan Peter Engsig-Karup. The about page and the CVR extract (both accessed 2026-10-11) list four. No announcement of the change was found.
• Employee turnover. For 2023, AR2023 gives 14.8% and AR2024 and AR2025 give 11.9%. For 2022 the figures are 9.8% and 8.3%. All three reports use the same stated definition.
• 2022 volumes. AR2022 gives 347 TWh (power 38, gas 309); AR2023 gives 350 TWh (power 37, gas 313).
• Japan trading start. AR2022 says the company "started trading on the Japan Electric Power Exchange in Tokyo (TOCOM)" (p. 27). AR2024 reports the first physical trade in Japan in August 2024. The trading page lists "TOCOM, Japan" and "JPEX, Japan" as separate exchanges.
• Austin office. The 2024-03-20 release and AR2024 (p. 23) say it opened in 2023, while AR2024 (p. 16) lists it among offices opened in 2024. The 2025-04-10 release lists Austin; the contact page and the 2026 releases do not.
• Units. The 2026-04-23 release states net trading income of "EUR 37,713m" and EBIT of "EUR 2,766m". AR2025 reports EUR 37,713 thousand and EUR 2,766 thousand.
• Northium geography. AR2025 describes Northium's pipeline as projects "in the Nordics" (p. 5) and "in Denmark" (p. 19). The Northium page names Project Ems in Lower Saxony, Germany, as the first project.
• Offices. The graduate page body says "five offices worldwide", while its FAQ lists six locations; AR2025 says six. For Singapore, the contact page gives 2 Shenton Way, while the ACRA-derived registered address (ssicdata) and the MyCareersFuture posting give 160 Robinson Road.

Other

• IPO. The 2020 release set a goal of an IPO within three years, AR2021 (p. 9) refers to preparing for an IPO in 2023, and a 2022-03-03 article repeats that ambition. No listing was found, and the reviewed text of AR2022–AR2025 contains no IPO reference.
• Current openings. The Teamtailor feed listed two openings on 2026-10-11: the IT Infrastructure Engineer role and an intraday trader role first published on 2024-09-03 (jobs).
• Annual reports. Reports for 2019–2025 are published on the about page.

Resources

Official

• Homepage · About, leadership, board, annual reports · Trading · Northium · Contact and offices
• Career page · Graduate programme · MFT Workspace article, 2023-02-09
• Careers site (Teamtailor) · Job list

Annual reports

• Annual Report 2025 · 2024 · 2023 · 2022 · 2021

Company news and releases (newest first)

• New headquarters at Ceres Plaza — 2026-06-16
• Annual results 2025, "continues to invest in the future" — 2026-04-23
• Majority ownership of Northium Energy — 2026-01-08
• Annual results 2024 — 2025-04-10
• Annual results 2023, Austin office — 2024-03-20
• Annual results 2021, new board — 2022-06-02
• Interview with Bo Palmgren, COO — 2022-03-18
• Australia office — 2022-03-03
• Singapore office, "MFT Asia" — 2020-09-22
• New CEO and IPO ambition (PDF) — 2020-05-14

Job postings (current, closed and archived)

• IT Infrastructure Engineer – Azure, published 2026-06-01 · Trader for intraday power trading, published 2024-09-03
• Software Developer for European Power Trading (LinkedIn), 2026 · Software Developer, Singapore (MyCareersFuture), 2026-05-22
• Wayback Machine captures: .NET Software Developer, 2022-07-03 · Junior Software Developer, 2022-10-02 · Senior Data Engineer, 2023-01-30 · Tools and Systems Developer, 2024-07-20 · Quantitative Analyst, 2024-10-04 · Execution Algo Developer, 2024-11-13 · Full-Stack Software Developer, 2025-01-20

Registers and market operators

• CVR extracts via eStatistik (DA): MFT Energy A/S · roles and owners · MFT Energy Holding ApS · MFT Energy ShareCo ApS · Northium Energy ApS
• 国税庁 法人番号公表サイト — ＭＦＴ Ｅｎｅｒｇｙ ＡＰＡＣ３株式会社 (JA)
• JEPX 取引会員一覧 (JA) · OCCTO 会員名簿, as of 2026-07-01 (JA, PDF)
• ssicdata — MFT ENERGY PTE. LTD. (ACRA-derived)

Third-party coverage and profiles

• Montel — "Former Danske Commodities CEO joins MFT Energy", 2018-04-18
• LinkedIn company page · GitHub organisation mftenergy