Epyr raises €15M (about $17M) for industrial heat storage
France-based Epyr secures €15M to expand thermal energy storage projects, including a 35-MWh installation at a paper facility.
Key takeaways
- Series A led by SlateVC with existing investors
- 35-MWh project to replace natural gas at Papeco
- Targets industrial steam in paper, food, chemicals
Funding Details
Epyr, a France-based thermal energy storage provider, has closed an oversubscribed Series A round of €15 million (approximately $17 million). The round was led by SlateVC, with participation from existing investors AENU and Daphni, alongside WEPA Ventures, OVNI Capital, and Aurum Impact. This follows a €3 million pre-seed round 18 months earlier, co-led by AENU and Daphni with OVNI Capital, WEPA Ventures, and European angel investors.
Projects and Market Focus
The new capital will support the deployment of a 35-MWh thermal energy storage unit at Papeco’s Orval-sur-Sienne facility in France, described as the country’s largest thermal storage project. The installation will replace all natural gas consumption at the paper manufacturing site. Epyr’s technology uses electric resistors to heat air, transferring thermal energy to firebricks that store heat at high temperatures for industrial use. The company has already commissioned a unit at WEPA Group’s hygiene paper plant in Troyes, which began operation in early 2026. Epyr is prioritizing industrial steam applications in paper, food and beverage, and chemicals sectors.
According to Mercom’s first-half 2026 energy storage funding report, venture capital for energy storage companies totaled $1.6 billion across 51 deals, a 6% year-over-year decline.
Source: Mercom India
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