February 3, 2025 - Epyr, a European Climate Tech company specializing in thermal energy storage (TES), today announces it has successfully raised an oversubscribed €3m pre-seed funding round co-led by renowned European Impact and Tech funds AENU and Daphni and joined by leading VCs OVNI Capital and WEPA Ventures as well as several European business angels driving the energy transition.

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This pre-seed round confirms the growing interest of leading European investors in industrial heat decarbonization and breakthrough electrification solutions.

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Transforming Industrial Heat: A Key to Decarbonization

Industrial heat plays a vital role in manufacturing nearly all goods and commodities, representing 20% of global energy consumption. However industrial heat generation still relies massively on fossil fuels, consequently accounting for 15% of energy-related carbon emissions. Despite growing environmental concerns, decarbonizing industrial heat remains a challenge as most available green technologies have yet to mature and achieve economic competitiveness.

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Harnessing Thermal Energy Storage

Epyr is addressing this challenge with innovative thermal energy storage solutions. Wind and solar penetration leads to an increasing imbalance between power supply and demand which, in turn, results in lower electricity prices at time of clean energy surplus. By converting renewable electricity into heat during those low-cost energy periods and storing it in high-efficiency firebricks, Epyr delivers high-temperature, decarbonized heat on demand to industrial clients at a competitive price, while easing the burden on the power grid and supporting the energy transition.

 

Other key strengths of the solution include its technological maturity, ease of installation, and modularity, making it a practical choice for industrial facilities.​

 

Scaling Across Europe

The funding will be used to:

• Deploy an industrial-scale demonstrator in France to showcase the technology’s viability, scalability and economic value, paving the way for broader deployment across Europe;

• Advance and standardize Epyr's thermal energy storage (TES) technology, including both hardware heat batteries and AI heat optimization software, to enhance efficiency and scalability and provide industrial clients with turnkey solutions;

• Recruit top talent in engineering, operations, and business development to strengthen execution.

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“With increasing fluctuation of electricity prices, induced by intermittent renewable energy sources, we see a large economic opportunity for Epyr's thermal energy storage, which soaks up cheap excess electricity and generates a steady output of process heat. Given Bastien and Léa's combined expertise in energy markets and systems engineering, we are confident the Epyr team is exceptionally well-positioned to seize this remarkable opportunity” said Fabian Heilemann, founder & CEO of AENU.

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“The team has shown a remarkable potential and is addressing industrial heat, one of the most impactful topics in the fight against climate change.” said Stanislat Lot, partner at Daphni.​

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“We see enormous potential in solutions that electrify industrial heat processes across sectors—from paper to chemicals. Epyr is bridging the gap to large-scale implementation, and we're proud to partner with them on this journey.” said Till Rosnick, WEPA Venture managing director.​

 

“As Western economies strive for energy independence, reducing reliance on fossil fuel imports is imperative. The TES technology is mature, but widespread industrial adoption requires a skilled integrator. Epyr bridges this gap, deploying turnkey solution based on proven technologies and enabling a reliable, decarbonized energy transition.” said Augustin Sayer, co-founder of OVNI Capital.​

 

“We founded Epyr with the belief that innovation combined with practicality can make a meaningful and scalable impact in the industry. Thermal energy storage stands at a crossroads between growing pressure to decarbonize and significant transformations in the electricity market. Having the trust of such renowned investors, recognized for their commitment to pioneering and sustainable visions, is a major asset to embrace this opportunity.” concluded Bastien Oggeri and Léa Dardenne, cofounders of Epyr.

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About Epyr

Founded in 2024 and based in Paris, Epyr develops innovative thermal energy storage solutions to help industries transition away from fossil fuels. By making clean industrial high-temperature heat cost-effective and scalable, Epyr aims to accelerate the energy transition and reduce global emissions.

Epyr was co-founded by Bastien Oggeri, second-time entrepreneur and co-founder of French Tech Next 40 Innovafeed, and Léa Dardenne, a former partner at Boston Consulting Group specializing in energy and sustainability. Together, they bring deep expertise in scaling industrial innovations and driving impactful solutions.

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About AENU

AENU is an early-stage climate impact VC fund (Art. 9 SFDR) focused on Europe. AENU aims to drive systemic transformation in venture capital towards impact, accessibility, and stakeholder alignment, contributing to a sustainable future.

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About Daphni

Founded in 2015, daphni is a European leading venture capital firm. Daphni’s mission is to manage the planet transition and to empower founders to build a socially and environmentally sustainable future by leveraging new usage, deep tech & disruptive innovations. As a mission-driven (entreprise à mission) and B Corp certified company, daphni's mantra is Build da City. For. Good.

Daphni's value proposition to entrepreneurs and LPs is built around its community of more than 350 experts and its proprietary open innovation platform.

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About WEPA Venture

WEPA Ventures invests in early-stage European start-ups that drive innovation in circular economy, sustainability software, or renewable energy and water technologies. As a family venture capital company, WEPA Ventures is part of the WEPA Group, a future-oriented European family business operating throughout Europe which offers sustainable and innovative hygiene solutions.

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⁠About OVNI

OVNI Capital is a leading French venture capital firm specializing in early-stage deeptech investments, with a particular focus on climate tech and industrial innovation⁠. The firm partners with scientific founders to help them build impactful global companies⁠⁠, providing hands-on support and access to an extensive network of industry experts and partners⁠.