Dutch startup Return secures €835 million to expand battery storage in Germany

Amsterdam-based Return, a company specialising in large-scale battery systems and energy flexibility services, has obtained €835 million in portfolio financing. The deal is underwritten by Germany's Deutsche Bank and the Dutch lender Rabobank. The money is earmarked for expansion in Germany, where Return intends to install at least 1 GW of battery storage capacity every year from 2027. It follows a €300 million growth-equity investment the company received in 2025.

What the financing covers

From 2027, Return plans to invest between €750 million and €1.2 billion a year in German battery projects, depending on market conditions. The initial framework includes three projects with a combined capacity of 117 MW. Assuming four-hour battery duration and two full charge-discharge cycles per day, the sites could discharge about 341,640 MWh annually, comparable to the yearly electricity use of roughly 100,000 German households.

The financing links physical battery infrastructure with the company's virtual flexibility services. At its centre is the Virtual Flexibility Portfolio, a platform that pools battery capacity from several facilities into one virtual portfolio, so energy companies can access storage without managing individual batteries. Return has already used a similar model in the Netherlands, where its Sirius project reached financial close earlier this year.

The company and its partners

Founded in 2021, Return is led by CEO Willem-Jan Schutte and CFO Daniel Witvoet. It operates in the Netherlands, Belgium, Germany and Spain. ENGIE has expanded its partnership to 400 MW of contracted battery flexibility, and Centrica Energy signed a separate agreement for 100 MW. In other European markets Return also works with Vattenfall, Essent and Eneco.

The company has a development portfolio of more than 8 GW and aims to deliver over 5 GW of battery storage by 2030. Dominik Thumfart of Deutsche Bank said storage plays a crucial role in Germany's energy transition, while Marc Schmitz of Rabobank said Germany needs more flexible capacity as wind and solar generation grows.