Energy storage provider Return announced today a growth capital investment of €300 million (UD$350 million) from Dutch pension fund manager APG, on behalf of its pension fund client ABP, with the new capital aimed at scaling Return’s battery energy storage platform in Europe.
Energy storage forms one of the key building blocks for the clean energy transition, given the intermittent generating nature of many sources of renewable energy, such as wind and solar, and the need to satisfy round-the-clock energy demand, while ensuring that energy is not wasted, particularly as demand on the grid grows from areas such as transport electrification and AI computing.
Founded in Amsterdam, Return provides solutions that ensure that renewable energy is efficiently stored and used where and when it is needed. The company builds, owns and operates large-scale energy storage solutions, including its high-tech battery energy storage system (BESS), which connects storage sites across countries, and provides real-time insight into where energy is available and needed to ease congestion and strengthen the grid. The company does not trade energy itself, but instead leases the capacity of its large scale battery systems to energy companies and traders.
Willem-Jan Schutte, founder and CEO of Return, said:
“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.”
Return currently serves customer demand across Europe and is active in the Netherlands, Germany, Belgium and Spain, with 70 MW of operational storage capacity in the Netherlands and another 450 MW currently under construction. According to APG, the new capital will enable Return to swiftly convert its development pipeline into operational projects. Return said that it is on track to develop a pan-European storage network of around 5 GW by 2030. The company is currently developing the largest battery in the Netherlands, with a capacity of 350 MW, and is also rolling out a “virtual battery” concept, allowing energy companies to access a network of battery projects.
Bart Saenen, Senior Investment Director at APG, said:
“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.”
