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Epyr Raises €15 Million to Expand Industrial Thermal Energy Storage
French thermal energy storage provider Epyr has secured €15 million in Series A funding. This capital will support the expansion of industrial projects, including a 35 MWh installation in France. Epyr's technology uses electricity to generate and store heat in firebricks for industrial applications.
Epyr, a French provider of thermal energy storage solutions, recently secured €15 million in an oversubscribed Series A funding round. This round was led by SlateVC, with participation from existing investors AENU and Daphni, alongside new contributors such as WEPA Ventures, OVNI Capital, and Aurum Impact. The capital raised is designated for the further expansion of industrial thermal energy storage projects.
Epyr's technology utilizes electricity to generate and store heat for various industrial applications. During periods of low electricity prices, electric resistors are employed to heat air. This thermal energy is then transferred to firebricks, which store the heat at high temperatures. Industrial facilities can subsequently access this stored heat as required, contributing to energy efficiency and cost savings.
A significant project supported by this funding involves the deployment of a 35 MWh thermal energy storage unit at Papeco's facility in Orval-sur-Sienne, France. This installation is described as France's largest thermal energy storage project and is designed to replace all natural gas consumption at the Papeco site. Epyr primarily focuses on industrial steam applications, particularly within sectors such as paper, food and beverage, and chemicals. Previously, an industrial thermal storage unit at hygiene paper manufacturer WEPA Group in Troyes became operational in early 2026.
Sébastien Léger, co-founder and GP at SlateVC, highlighted Epyr's potential to become a leader in the electrification of the European industrial heat market, valued at approximately €100 billion. This funding follows a previous pre-seed round of €3 million that concluded eighteen months prior.
According to a Mercom report for the first half of 2026, venture capital funding for energy storage companies during that period totaled $1.6 billion across 51 deals. This represents a modest 6% year-over-year decrease compared to the $1.7 billion raised through 36 deals in the first half of 2025. The information for this article is sourced from Mercom India.
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Talk to Oranje-Eco →This article is an Oranje-Eco summary of a report by Mercom India. Read the original: Mercom India.
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