French thermal energy storage company Epyr has raised an oversubscribed €15 million Series A round to accelerate the electrification of industrial heat. The financing was led by SlateVC, with existing investors AENU and Daphni doubling down alongside WEPA Ventures, OVNI Capital, and Aurum Impact. Announced eighteen months after its Pre-Seed round, the capital will support the next wave of industrial projects, beginning with a 35 MWh unit at Papeco.
Industrial Heat and the Shift to Electricity
Industrial heat accounts for approximately 20% of global energy consumption and is still largely produced by burning fossil fuels, particularly natural gas in Europe. Electrification has become an EU priority because it can cut emissions and reduce dependence on imported fuels. Epyr is positioned to capitalize on market conditions where renewable electricity is increasingly cheap during periods of high supply.
How Epyr's Thermal Storage Works
Epyr's units use smart controls to power electric resistors during low-cost hours, heating air that in turn heats firebricks to store energy at high temperature. This stored heat can be released whenever an industrial process needs it, offering flexibility that also helps balance the power grid. The approach makes electrified heat competitive with gas by purchasing power when supply exceeds demand.
Proven First Deployment at WEPA
Epyr's first unit was inaugurated in May 2026 at WEPA Group's Troyes paper mill as France's first thermal energy storage system for industrial heat. Built and commissioned in under six months, the installation now covers up to a quarter of the site's steam needs. This deployment demonstrated that the technology can be implemented quickly and successfully in an industrial environment.
Scaling with Papeco and Additional Projects
Papeco has announced France's largest thermal energy storage project at its Orval-sur-Sienne site, supported by flexibility services leader Energy Pool. Epyr will deploy a 35 MWh unit there that is expected to replace all of the site's natural gas consumption. Several additional deployments are under study, with priority given to industrial steam in paper, food and beverage, and chemicals.
A Heat-as-a-Service Delivery Model
Epyr offers an all-in-one solution covering technology, system integration, energy management, and third-party financing where needed, delivered as Heat-as-a-Service. This model is designed to adapt to each client's situation, remove complexity, and accelerate deployment. By combining technology and services, Epyr helps industrial sites switch to clean heat with less operational burden.
Investor and Partner Support
SlateVC co-founder and general partner Sébastien Léger said the firm was convinced by the quality of the Epyr team, its speed, and its customer-centric approach. He added that Epyr has the potential to become a European leader in electrifying the €100 billion industrial heat market. WEPA Management Board member Andreas Krengel also highlighted that the first installation proved the value of both the technology and the partnership.
Co-founders Léa Dardenne and Bastien Oggeri noted that France has already recorded more hours of near-zero or negative power prices in 2026 than in 2025, making electricity the cheapest and cleanest energy source for European industry. The Series A round positions Epyr to harness that opportunity at scale while supporting grid flexibility and industrial resilience. With a proven first unit, a growing project pipeline, and renewed investor backing, the company is poised to help decarbonize industrial heat across Europe.