French industrial energy technology company Epyr has raised €15 million in a Series A funding round. The round was led by SlateVC, with existing investors AENU and Daphni increasing their investments. Other investors included WEPA Ventures, OVNI Capital, and Aurum Impact.
Industrial heat accounts for around 20% of the world’s energy use and is still mainly produced by burning fossil fuels, especially natural gas in Europe. The European Union is encouraging industries to switch to electric heating to reduce carbon emissions and dependence on imported fuels.
Epyr develops thermal energy storage systems that help industries replace fossil fuels with cleaner energy. Its technology uses electricity during cheaper hours to heat air, which then heats firebricks that store energy at high temperatures. The stored heat can be used whenever an industrial process needs it. This approach can help businesses lower energy costs and reduce emissions while also supporting the electricity grid.
Epyr provides a complete solution that includes its technology, system installation, energy management, and third-party financing when needed. Through its Heat-as-a-Service model, the company adapts its services to each customer’s needs, making it easier for industrial businesses to adopt cleaner heating systems without managing the entire process themselves.
According to Léa Dardenne and Bastien Oggeri, co-founders of Epyr, 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.”
According to Andreas Krengel, Member of the Management Board at WEPA: “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.”
Epyr will use the new funding to support its upcoming industrial projects, starting with a recently announced 35 MWh energy storage unit at Papeco.
