Return
Return develops, owns and operates large-scale batteries and sells their flexibility to energy companies.
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Podcast Episode
🎙️ Deep Dive
Revolut, Return, Titan OS — $115B secondary valuation, €835M for batteries and $46M for TV — Daily News November 4, 2026
Listen to the episodeAbout Return
Return is an independent energy-storage operator headquartered in Amsterdam, founded in 2021 and led by CEO Willem-Jan Schutte, with Daniel Witvoet as CFO. Until February 2025 it traded as SemperPower. It develops, owns and operates large-scale battery storage systems in the Netherlands, Germany, Belgium and Spain and pools their capacity in its Virtual Flexibility Portfolio, sold to companies such as ENGIE, Centrica Energy, Vattenfall, Essent and Eneco. In October 2025 APG, on behalf of pension fund ABP, invested €300 million of growth capital for a minority stake. On 4 November 2026 it secured €835 million of portfolio financing from Deutsche Bank and Rabobank to grow in Germany, where it targets at least 1 GW of new storage a year from 2027: this is debt, not venture equity, and the capacity has yet to be built.
The Story
It made its name in the Dutch battery market as SemperPower and rebranded as Return in February 2025, with offices in four countries.
How Return works
Business Model
B2B energy infrastructure with capacity-access contracts.
Revenue Model
Capacity-access and flexibility contracts; revenue mix and tariffs are undisclosed.
Products & Services
Key Products
- Large-scale battery storage systems
- Virtual Flexibility Portfolio
Core Use Cases
- Energy storage
- Flexibility services for energy companies
Market & Clients
Key Customers
Utilities and energy companies, including ENGIE, Centrica Energy, Vattenfall, Essent and Eneco.
Geographic Presence
How Return grows
Growth Strategy
Expansion in Germany with at least 1 GW of new storage a year from 2027 and investment of €750 million to €1.2 billion a year, depending on market conditions.
Distribution Model
Direct B2B capacity-access contracts with energy companies.
Regulatory Context
Permits and grid rules differ in each market.
Key Risks
- Grid connections, permits, construction and market revenue may delay the German plan.
Strategic Insights
- Revenue contracts, grid connections and construction matter as much as financing.
- Portfolio financing shifts growth from venture capital to infrastructure debt.
Funding & Investors
Funding Rounds
- 2025 - Growth equity: €300M
Lead: APG
Key Investors
Founding Team
Founders
Key Metrics
Lessons from Return
- Distinguish corporate equity, project debt and operating capacity.
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Read AnalysisSources
- Return secures €835 million financing to expand battery storage capacity in Germany — EU-Startups
- Erstmals in Deutschland: Return sichert sich über Portfoliofinanzierung 835 Millionen Euro — fair-NEWS (comunicato stampa)
- Batteriegroßspeicher: Return erhält 300 Millionen Euro Wachstumskapital — Solarserver
- Return — Return