Press release
Epyr raises €15M Series A to scale thermal energy storage and electrify European industrial heat
Paris - October 13, 2026
New funding to accelerate the rollout of thermal storage across European industry, building on a first industrial reference.
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€15M oversubscribed Series A led by SlateVC, with existing investors AENU, Daphni, OVNI, WEPA Ventures and Aurum Impact doubling down.
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Industrial heat electrification is gaining momentum in Europe, driven by the push for energy sovereignty, industrial competitiveness and decarbonisation.
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Epyr deployed France’s first industrial thermal energy storage unit at WEPA Group, one of Europe’s largest hygiene paper manufacturers, in Troyes, in operation since early 2026, and is now launching a new wave of projects, starting with the recently announced 35 MWh unit at Papeco, an independent French papermaker.
Epyr, the French energy tech company electrifying industrial heat with thermal energy storage, today announces an oversubscribed €15 million Series A round led by SlateVC. Existing investors AENU and Daphni are doubling down, alongside WEPA Ventures, OVNI Capital and Aurum Impact.
Eighteen months after Epyr’s pre-seed round, this Series A reflects the growing appetite for industrial electrification and the strength of Epyr’s positioning as a project developer. The new capital will enable 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 around 20% of global energy consumption and is still largely produced by burning fossil fuels, mostly natural gas in Europe. Electrifying it has become an EU priority, both to cut emissions and to reduce dependence on imported fuels. But industrial sites will only switch if electric heat costs less than gas.
Market conditions are now tipping in favour of electricity. After repeated crises, fossil fuels remain expensive and volatile, while the growth of renewables makes electricity cheaper whenever the sun shines or the wind blows and supply exceeds demand.
Epyr’s thermal energy storage units are designed to capture this opportunity. During low-cost hours, smart controls power electric resistors that heat air, which in turn heats firebricks that store the energy at high temperature, ready to be released as heat whenever the process needs it. This flexibility also helps balance the power grid.
Epyr offers an all-in-one solution covering technology, system integration, energy management and, where needed, third-party financing, delivered as Heat-as-a-Service. This model, supported by trusted partners, adapts to each client’s situation, takes the complexity off their hands and accelerates deployment.
From a proven first unit to a growing pipeline
Epyr’s first unit has already proven the model. Inaugurated in May 2026 at WEPA Group’s Troyes paper mill, France’s first thermal energy storage unit for industrial heat was built and commissioned in under six months, and now covers up to a quarter of the site’s steam needs.
Papeco has just announced France’s largest thermal energy storage project at its Orval-sur-Sienne site. Energy Pool, a French leader in flexibility services, supports the site from studies to operations. Epyr has been selected to deploy the solution: a 35 MWh unit that will replace all of the site’s natural gas consumption.
Several additional deployments are under study, with further announcements expected in the coming months. Epyr is prioritising industrial steam mainly in paper, food and beverage and chemicals.
“In France, there have already been more hours of near-zero or negative power prices this year than in 2025. That electricity is the cheapest, cleanest energy source European industry has. Our mission is to harness it, and this Series A lets us do it at scale.”
Léa Dardenne and Bastien Oggeri, co-founders of Epyr
"We were convinced by the quality of the entire Epyr team, their speed and their customer-centric approach. They deliver climate impact, energy cost savings and resilience to industrial sites. Epyr has the potential to become a European leader in electrifying the €100bn industrial heat market. We are delighted to enable their growth in France and beyond.”"
Sébastien Léger, co-founder and GP at SlateVC
“Together with Epyr, we have shown that innovative energy solutions can be implemented quickly and successfully in an industrial environment. The first installation has demonstrated the value of both the technology and the partnership. We are excited to build on this success and help accelerate the adoption of clean, reliable and competitive industrial heat solutions across Europe.”
Andreas Krengel, Member of the Management Board at WEPA
About Epyr
Epyr develops innovative thermal energy storage solutions that help industries move away from fossil fuels. By making decarbonised high-temperature industrial heat competitive and easy to deploy, Epyr aims to accelerate the energy transition and reduce global emissions. Founded in 2024 by Bastien Oggeri, co-founder of Innovafeed, and Léa Dardenne, former partner at Boston Consulting Group, Epyr now has around 15 employees. The team brings together strong expertise in technology, energy, industry and entrepreneurship, dedicated to electrifying industrial heat. www.epyr.co
About SLATE VC
SlateVC is a pan-European investment firm investing in the energy transition and the circular economy, co-founded by Clément Buyse, Chloé Giard, Sébastien Léger and Renaud Visage.
