Energy storage provider Return has announced a €300 million growth capital investment from Dutch pension fund manager APG, acting on behalf of its client ABP. The new capital will be used to expand Return’s battery energy storage platform across Europe.
Energy storage is crucial to the clean energy transition, addressing the intermittent nature of renewable sources such as wind and solar, while meeting continuous energy demand. This need is heightened by increasing grid demands from transport electrification and AI computing.
Founded in Amsterdam, Return focuses on efficient renewable energy storage and utilisation. The company builds, owns, and operates large-scale energy storage solutions, including a high-tech battery energy storage system (BESS) that interconnects storage sites across countries. This system provides real-time insights into energy availability and demand, alleviating grid congestion. Rather than trading energy, Return leases its battery systems’ capacity to energy companies and traders.
Return’s founder and CEO, Willem-Jan Schutte, remarked, “Partnering with APG marks an important step toward a more connected and resilient European energy system. Together, we can turn today’s fragmented energy landscape into one that truly works for customers, communities and the climate.”
Operating across Europe, Return currently meets customer demand in the Netherlands, Germany, Belgium, and Spain. It has 70 MW of operational storage capacity in the Netherlands, with an additional 450 MW under construction. APG stated that the new funding will enable Return to quickly transition its development pipeline into operational projects. Return aims to establish a pan-European storage network of approximately 5 GW by 2030. The company is developing the largest battery in the Netherlands, with a capacity of 350 MW, and is also introducing a “virtual battery” concept, providing energy companies access to a network of battery projects.
Bart Saenen, Senior Investment Director at APG, commented, “Grid-scale battery storage is key to reliably integrate renewables and to ease grid congestion. Return’s integrated platform, long-term vision on relations, and de-risked pipeline make it a strong partner for building grid resilience across Europe.”
