Battery Storage Startup Return Lands $900M to Power Germany's Grid

Jan de Vries · 2026-11-04

Amsterdam-based energy storage startup Return just secured €835 million (about $900 million) in portfolio financing, and it's a big deal for Germany's clean energy ambitions. The money comes from Deutsche Bank and Rabobank, and it's earmarked for expanding large-scale battery storage in Germany. Return specializes in battery systems and energy flexibility services. With this financing, the company plans to install at least 1 GW of battery storage capacity annually starting in 2027. That's enough to power roughly 750,000 homes. This follows a €300 million ($324 million) growth-equity investment in 2025, showing strong investor confidence. ### Why This Financing Matters According to CFO Daniel Witvoet, the key is scaling both physical infrastructure and the way it's financed. "By bringing together physical infrastructure financing and our virtual flexibility model, we can expand more efficiently and respond to our customers' evolving needs," he said. In plain terms, Return isn't just building batteries—it's creating a financial engine that can grow quickly as demand for energy flexibility skyrockets. Battery storage is critical for Germany's energy transition. As the country integrates more wind and solar power, grid stability becomes a challenge. Batteries help by storing excess energy and releasing it when needed. Dominik Thumfart from Deutsche Bank noted, "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 other words, batteries make renewables more reliable and profitable. ### The Bigger Picture: Europe's Energy Storage Boom Return's financing is part of a larger trend. In 2026 alone, several European startups have raised significant rounds for battery storage and grid flexibility: - Entrix (Munich) raised €43 million ($46 million) for battery optimization and flexible energy trading. - encosa secured €25 million ($27 million) to expand commercial and industrial battery storage. - Ore Energy (Amsterdam) raised €37.3 million ($40 million) to scale long-duration battery technology. - Eddy Grid (Utrecht) secured €7.5 million ($8.1 million) for renewable energy asset optimization. Together, these rounds represent approximately €158.2 million ($171 million) in EnergyTech financing. And that's just the tip of the iceberg. ### What's Next for Return? Founded in 2021 by Willem-Jan Schutte and Daniel Witvoet, Return operates across the Netherlands, Belgium, Germany, and Spain. Schutte previously co-founded solar energy company Sunrock, while Witvoet brings a background in renewable energy investment. 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 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. Return has also inked commercial agreements with major energy companies. ENGIE recently expanded its partnership to 400 MW of contracted battery flexibility, while Centrica Energy signed a separate agreement covering 100 MW. Beyond Germany, Return works with Vattenfall, Essent, and Eneco in other European markets. The German financing builds on a model Return 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. In short, Return is positioning itself as a leading independent provider of energy flexibility in Germany. And with this massive financing round, it's well on its way.