Epyr, a specialist in the electrification of industrial heat through thermal energy storage, today announced a €15 million oversubscribed Series A funding round led by SlateVC. Historical investors AENU and Daphni are strengthening their support, alongside WEPA Ventures, OVNI Capital, and Aurum Impact.
Eighteen months after Epyr’s pre-seed round, this Series A demonstrates the growing interest in industrial electrification and the strength of Epyr’s positioning as a project developer. These new funds will allow Epyr to deliver the next wave of industrial projects, starting with the recently announced 35 MWh unit at Papeco.
Making electric heat competitive
Industrial heat accounts for roughly 20% of global energy consumption and remains largely generated from fossil fuels, mainly natural gas in Europe. Its electrification has become a European priority, both to reduce emissions and to limit dependency on fossil fuel imports. However, industrial players will only make the transition if electric heat costs less than gas.
The economic equation is now shifting in favor of electricity. Following successive crises, fossil fuels remain expensive and volatile, while the surge in renewables makes electricity cheaper whenever the sun shines or the wind blows and supply exceeds demand.
Epyr’s thermal storage units are designed to capture this opportunity. During low-price hours, smart management powers electrical heating elements that heat air, which in turn heats refractory bricks that store energy at high temperatures, ready to be delivered as heat whenever the process requires it. This flexibility also contributes to grid balancing.
Epyr offers a turnkey solution covering technology, system integration, energy management, and, if needed, third-party financing through a Heat-as-a-Service model. Supported by trusted partners, this model adapts to each client’s situation, removes complexity, and speeds up deployment.
From a proven first unit to a growing project portfolio
Epyr’s first unit has already proven the model. Inaugurated in May 2026 at WEPA Group’s paper mill in Troyes, France’s first thermal energy storage unit for industrial heat was built and commissioned in less than six months, and now covers up to a quarter of the site’s steam needs.
In the process, Papeco recently announced the largest thermal energy storage project in France at its Orval-sur-Sienne site. Energy Pool, a French leader in flexibility services, is supporting the site from feasibility studies through to operations. Epyr was selected to deploy the solution: a 35 MWh unit that will replace the site’s entire natural gas consumption.
Several other deployments are under study, with new announcements expected in the coming months. Epyr is primarily targeting industrial steam, mainly in the paper, agrifood, and chemical sectors.
Léa Dardenne and Bastien Oggeri, co-founders of Epyr: “In France, there have already been more hours with zero or negative electricity prices this year than in 2025. This electricity is the cheapest and cleanest energy source available to European industry. Our mission is to harness its value, and this Series A allows us to do so on a large scale.”
Sébastien Léger, co-founder and partner at SlateVC: “We were convinced by the quality of Epyr’s entire team, its execution speed, and its client-centric approach. Epyr brings climate impact, energy cost savings, and resilience to industrial sites. Epyr has the potential to become a European leader in the electrification of industrial heat—a €100 billion market. We are thrilled to support its growth in France and beyond.”
Andreas Krengel, Member of the Management Board at WEPA: “With Epyr, we have demonstrated that innovative energy solutions can be implemented quickly and successfully in an industrial environment. This first installation demonstrated the value of both the technology and the partnership. We are delighted to build on this success and help accelerate the adoption of clean, reliable, and competitive industrial heat solutions across Europe.”
Photo/Epyr
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