Energy storage solutions provider Return has raised €300 million (~$348 million) in growth equity from APG, on behalf of its pension fund client ABP, acquiring a minority stake through the transaction. The new capital will accelerate the expansion of Return’s battery energy storage platform across Europe.
As part of the deal, the two companies have established a long-term strategic partnership designed to provide customers with reliable and flexible energy solutions for portfolio balancing, to manage renewable flows, and to ease grid congestion across Europe. The transaction was signed in October 2025 and, pending regulatory approval, is expected to close by the end of the year.
Return’s battery energy storage system platform connects storage sites across countries, offering real-time insight where energy is available and needed.
The company currently operates across the Netherlands, Germany, Belgium, and Spain, serving growing customer demand for energy flexibility. It has 70 MW of operational storage capacity in the Netherlands and an additional 450 MW under construction.
“Grid-scale battery storage is key to reliably integrate renewables and to ease grid congestion,” said Bart Saenen, Senior Investment Director at APG. “Return’s integrated platform, long-term vision on relations, and de-risked pipeline make it a strong partner for building grid resilience across Europe.”
The company was advised on the transaction by Santander CIB (exclusive financial advisor), KPMG (finance & tax), Allen & Overy and Shearman (legal), Baringa (market intelligence and commercial advisor), and DNV (technical). APG was advised by Nomura (lead financial advisor), Greenberg Traurig (legal), Timera and Montel (market intelligence and commercial advisors), RINA (technical advisor), and Deloitte (finance & tax).
Last year, Return acquired a majority stake in J&P Batterie Projekte, an energy storage system developer, through a €50 million (~$56 million) investment and commitment, aimed at expanding Return’s position in Germany and the European energy storage market.
According to Mercom’s 1H and Q2 2025 Funding and M&A for Energy Storage report, VC funding in the sector totaled $1.7 billion across 36 deals, down 29% compared to the previous year. Energy Storage Downstream companies received the most VC funding in 1H 2025.
In June, Hybrid Energy Storage Solutions (HESSTec), an energy storage solutions provider, secured €12 million (~$13.6 million) in a funding round. The funding round saw participation from ABB, SC Net Zero Ventures (managed by Suma Capital), and VERBUND X Ventures, a venture capital unit of Austria’s energy supplier VERBUND.
