Return's $900M Bet: Inside Europe's Battery Storage Boom

Jan de Vries · 2026-11-04

Amsterdam-based Return, an energy storage startup focused on large-scale battery systems and energy flexibility services, just secured €835 million (about $900 million) in portfolio financing. The deal, underwritten by Deutsche Bank and Rabobank, is a big vote of confidence in Europe's battery storage market. The financing will fuel Return's expansion in Germany, where it plans to install at least 1 GW of battery storage capacity annually starting in 2027. This comes on the heels of a €300 million ($323 million) growth-equity investment in 2025. ### Why This Matters for Germany's Energy Transition Germany is shifting hard toward renewables, and battery storage is the linchpin. As Daniel Witvoet, CFO at Return, puts it: "As demand for energy flexibility grows, we need to scale not just our battery storage capacity, but also the way we finance it." By blending physical infrastructure financing with a virtual flexibility model, Return aims to expand more efficiently and meet evolving customer needs. Dominik Thumfart, Head of Infrastructure & Energy Origination at 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." In short, batteries keep the lights on when the wind doesn't blow and the sun doesn't shine. ### The Bigger Picture: A Surge in EnergyTech Funding Return's raise is part of a broader wave of investments in European battery storage and grid flexibility. In Germany alone, Munich-based Entrix raised €43 million ($46 million) for battery optimisation and flexible energy trading, while encosa secured €25 million ($27 million) to expand commercial and industrial battery storage. In the Netherlands, Ore Energy raised €37.3 million ($40 million) for long-duration battery tech, and Eddy Grid secured €7.5 million ($8 million) for renewable asset optimisation. Together with other deals, these rounds represent roughly €158.2 million ($170 million) in EnergyTech financing. ### Return's Roadmap and Impact Founded in 2021 by Willem-Jan Schutte and Daniel Witvoet, Return operates across the Netherlands, Belgium, Germany, and Spain. With the new financing, the company plans to invest between €750 million and €1.2 billion ($810 million to $1.3 billion) annually in German battery projects from 2027, depending on market conditions. The initial framework covers three battery storage projects in Germany with a combined capacity of 117 MW. Assuming four-hour battery duration and two full cycles daily, these facilities could discharge about 341,640 MWh annually—enough to power roughly 100,000 German households. Return has already inked commercial agreements with major players like ENGIE (400 MW) and Centrica Energy (100 MW), and works with Vattenfall, Essent, and Eneco in other markets. The German financing mirrors a model Return implemented in the Netherlands, where its Sirius project reached financial close earlier in 2026. > "This is an important step towards our ambition to become a leading independent provider of energy flexibility in Germany." — Daniel Witvoet, CFO at Return With Europe racing to integrate more wind and solar, Return's massive financing round signals that battery storage is no longer a niche—it's the backbone of the clean energy transition.