Return secures €835 million from Deutsche Bank and Rabobank for battery storage in Germany

Amsterdam-based Return, a company that develops, owns and operates large-scale battery storage, has secured €835 million in portfolio financing underwritten by Deutsche Bank and Rabobank, EU-Startups reports. eu-startups.comEU-Startupseu-startups.comOpen source ↗ The funds will support its expansion in Germany, where it aims to install at least 1 GW of battery storage capacity annually from 2027. eu-startups.comEU-Startupseu-startups.comOpen source ↗ The financing follows a €300 million growth-equity investment in 2025. eu-startups.comEU-Startupseu-startups.comOpen source ↗

Financing structure and German projects

With the new structure, Return plans to invest between €750 million and €1.2 billion annually in German battery storage projects from 2027, depending on market conditions. eu-startups.comEU-Startupseu-startups.comOpen source ↗ The initial framework covers three projects in Germany with a combined capacity of 117 MW. eu-startups.comEU-Startupseu-startups.comOpen source ↗ Under assumptions of four-hour battery duration and two full charging and discharging cycles per day, the facilities could discharge approximately 341,640 MWh per year, equivalent to the annual electricity consumption of around 100,000 German households. eu-startups.comEU-Startupseu-startups.comOpen source ↗

The approach builds on a model already used in the Netherlands, where the Sirius battery project reached financial close earlier in 2026 under a broader financing framework. eu-startups.comEU-Startupseu-startups.comOpen source ↗ The German arrangement links financing for physical battery infrastructure with the company's virtual flexibility services. eu-startups.comEU-Startupseu-startups.comOpen source ↗ Return CFO Daniel Witvoet said the goal is to become a leading independent provider of energy flexibility in Germany. eu-startups.comEU-Startupseu-startups.comOpen source ↗

Contracts, portfolio and platform

Return's position in the German market rests on several commercial agreements. ENGIE has expanded its partnership to 400 MW of contracted battery flexibility, and Centrica Energy signed a separate agreement for 100 MW. eu-startups.comEU-Startupseu-startups.comOpen source ↗ In other European markets the company works with Vattenfall, Essent and Eneco. eu-startups.comEU-Startupseu-startups.comOpen source ↗

Return was founded in 2021 by Willem-Jan Schutte (CEO) and Daniel Witvoet and operates in the Netherlands, Belgium, Germany and Spain. eu-startups.comEU-Startupseu-startups.comOpen source ↗ Its active development portfolio exceeds 8 GW, and it aims to deliver more than 5 GW of battery storage capacity by 2030. eu-startups.comEU-Startupseu-startups.comOpen source ↗

The financing is part of plans to scale the Virtual Flexibility Portfolio, a platform that combines battery capacity from multiple facilities into a single virtual portfolio. eu-startups.comEU-Startupseu-startups.comOpen source ↗ This lets energy companies access flexible storage capacity without managing individual battery assets. eu-startups.comEU-Startupseu-startups.comOpen source ↗ Deutsche Bank's Dominik Thumfart and Rabobank's Marc Schmitz said the structure is designed to meet the capital expenditure needs of Return's German pipeline and to direct investment into large-scale storage. eu-startups.comEU-Startupseu-startups.comOpen source ↗