Return Raises €835 million to Financing to expand battery storage capacity in Germany

Return, an innovative technology company, has secured €835 million to accelerate its international market reach. The round was backed by prominent technology investors, marking a key inflection point in the company's product rollout.

The financing will support the company’s expansion in Germany, where it aims to install at least 1 GW of battery storage capacity annually from 2027 onwards. This follows their 2025 €300 million growth-equity investment.

“As demand for energy flexibility grows, we need to scale not just our battery storage capacity, but also the way we finance it. By bringing together physical infrastructure financing and our virtual flexibility model, we can expand more efficiently and respond to our customers’ evolving needs. This is an important step towards our ambition to become a leading independent provider of energy flexibility in Germany,” says Daniel Witvoet, CFO at Return.

Scaling core platform and operations

Return’s financing comes amid a series of European investments in battery storage and grid flexibility reported by

In Germany, Munich-based Entrix raised €43 million for battery optimisation and flexible energy trading, while encosa secured €25 million to expand commercial and industrial battery storage.

Technology architecture and automation

In Return’s home market, Amsterdam-based Ore Energy raised €37.3 million to scale long-duration battery technology, and Utrecht-based Eddy Grid secured €7.5 million for renewable energy asset optimisation.

Together with other comparable announcements across Europe, these rounds represent approximately €158.2 million in EnergyTech financing.

Market opportunity and expansion strategy

Source: EU-Startups Dominik Thumfart, Head of Infrastructure & Energy Origination, Deutsche Bank, adds: “Battery storage plays a crucial role in Germany’s energy transition, by assisting with optimising the revenue potential of intermittent power generation plants and ensuring grid stability. We are pleased to support Return with a financing structure built to scale and structured to meet the capital expenditure needs of Return’s German BESS project pipeline.”

Founded in 2021 by Willem-Jan Schutte and Daniel Witvoet, Return is headquartered in Amsterdam and operates across several European energy markets. Schutte, the company’s CEO, previously co-founded solar energy company Sunrock, while Witvoet, who serves as CFO, also has a background in renewable energy investment and entrepreneurship.

Backing from prominent venture investors

Return has since expanded its activities across the Netherlands, Belgium, Germany and Spain, focusing on developing, owning and operating large-scale battery storage infrastructure.

With the new financing structure, Return plans to invest between €750 million and €1.2 billion annually in German battery storage projects from 2027, depending on market conditions. The company expects these investments to support increasing demand for energy flexibility as Germany continues to integrate wind and solar power into its electricity system.

The initial framework covers three battery storage projects in Germany with a combined capacity of 117 MW. Under assumptions of four-hour battery duration and two full charging and discharging cycles daily, the facilities could discharge approximately 341,640 MWh annually, equivalent to the yearly electricity consumption of around 100,000 German households.

The investment follows several commercial agreements that have strengthened Return’s position in the German energy market. ENGIE recently expanded its partnership with Return to 400 MW of contracted battery flexibility, while Centrica Energy signed a separate agreement covering 100 MW.

Beyond Germany, Return also works with energy companies including Vattenfall, Essent and Eneco in other European markets.

The German financing builds on a model Return has already implemented in the Netherlands. Earlier in 2026, its Sirius battery storage project reached financial close under a broader financing framework covering multiple storage developments. The new German arrangement extends this approach by connecting financing for physical battery infrastructure with the company’s virtual flexibility services.

Marc Schmitz, Head of Project Finance Europe at Rabobank, says: “Germany needs more flexible capacity as wind and solar generation grows. This facility helps direct investment into large-scale battery storage. Supporting technologies that enable the further growth of renewable energy is a key part of Rabobank’s approach to the German energy transition.

“We are delighted to further strengthen our relationship with Return and support its expansion into Germany. Building on our previous transactions together, we are combining our advisory, underwriting, project finance and hedging expertise to help Return realise its growth ambitions.”

Return currently has an active development portfolio exceeding 8 GW and aims to deliver more than 5 GW of battery storage capacity by 2030. Its expansion into Germany forms part of a broader European strategy focused on addressing the growing need for energy flexibility as renewable electricity generation increases.

The financing represents a step in Return’s plans to scale its Virtual Flexibility Portfolio (VFP), a platform that combines battery storage capacity from multiple facilities into a single virtual portfolio. The approach allows energy companies to access flexible electricity storage capacity without having to manage individual battery assets.

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