Amsterdam-based energy scale-up Return has entered a long-term partnership with APG, on behalf of pension fund ABP – the former of which is investing €300 million in new growth equity for a minority stake to support the platform.
“Partnering with APG marks an important step toward a more connected and resilient European energy system,” said Willem-Jan Schutte, Founder and CEO of Return. “Together, we can turn today’s fragmented energy landscape into one that truly works for customers, communities and the climate.”
Return’s growth equity investment from APG places it among the largest European storage and flexibility financings of 2025.
The deal surpasses most peer rounds, with only Terra One (€150 million) showing a comparable scale in grid-scale battery deployment. Within the Netherlands, Sympower and iwell also secured new capital this year, highlighting sustained investor confidence in Dutch energy flexibility platforms.
On a broader European level, green flexibility and Voltfang demonstrate continued institutional interest in scalable battery infrastructure.
Against this backdrop, Return’s partnership with APG reinforces the trend of large, long-term investors supporting capital-intensive, grid-balancing storage networks across Europe.
“The energy transition requires shared responsibility,” added Sjoerd Bazen, Managing Director at Return. “With APG we align interests, improve performance and create opportunities that benefit markets and society.”
Founded in 2021, Return is an energy scale-up specialising in grid-scale battery energy storage systems (BESS) and flexibility services. The company connects storage sites across countries through a data-driven platform that balances renewable generation, alleviates grid congestion, and enhances system reliability.
Active in the Netherlands, Germany, Belgium, and Spain, Return operates 70 MW of storage capacity with an additional 450 MW under construction.
With over €2 billion in long-term customer contracts, Return is on track to meet future demand with a pan-European storage network of around 5 GW by 2030, supporting flexible, reliable access to clean energy.
The transaction was signed in October 2025 and, subject to regulatory approval, is expected to close by year-end.
“APG’s investment aligns with its client’s strategy of supporting clean, connected infrastructure that delivers stable, long-term returns while advancing net-zero goals, in the interest of ABP and its participants. 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.”
Across Europe, the increasing share of renewables is creating fluctuations in electricity supply and demand. Energy customers need flexibility to balance portfolios and use renewable power more effectively. Return’s high-tech battery energy storage system (“BESS”) platform aims to tackle this challenge by connecting storage sites across countries, showing real-time insight where energy is available and needed to ease congestion and strengthen the grid.
The partnership reinforces Return’s role as an independent player in Europe’s energy system, connecting stakeholders through data-driven storage.
APG’s long-term involvement adds financial stability and supports continued system-focused delivery.
