Epyr raises €15M to electrify Europe's industrial heat
What's the deal? French industrial energytech company EpyrDealroom has a profile for this one. Try Dealroom → has raised a €15 million Series A led by SlateVCDealroom has a profile for this one. Try Dealroom →. Existing investors AENUDealroom has a profile for this one. Try Dealroom → and Daphni returned, joined by WEPA VenturesDealroom has a profile for this one. Try Dealroom →, OVNI CapitalDealroom has a profile for this one. Try Dealroom →, and Aurum ImpactDealroom has a profile for this one. Try Dealroom →.
What's the endgame? Epyr builds thermal energy storage that lets industries ditch fossil fuels. During low-cost hours, electric resistors heat air, which heats firebricks that store energy at high temperature — ready to release as heat when a process needs it.
It sells the system as Heat-as-a-Service, bundling technology, integration, energy management, and third-party financing where needed. The model is designed to cut deployment complexity for clients.
Why now? The round follows Epyr's first installation, commissioned in May 2026 at WEPA GroupDealroom has a profile for this one. Try Dealroom →'s paper mill in Troyes. Built in under six months, it now supplies up to 25% of the site's steam.
Market conditions are shifting too. Fossil fuels remain expensive and volatile, while renewables push electricity prices down when supply exceeds demand. Co-founders Léa Dardenne and Bastien Oggeri note France has already logged 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," they said.
What's next? Epyr has been selected to deploy a 35 MWh unit at PapecoDealroom has a profile for this one. Try Dealroom →'s Orval-sur-Sienne site, set to become France's largest thermal energy storage project. It will replace all of the site's natural gas use, with Energy PoolDealroom has a profile for this one. Try Dealroom → supporting from studies to operations.
The new capital will fund the next wave of projects. Epyr is targeting steam applications in energy-intensive sectors: paper, food and beverage, and chemicals.
The signal: Industrial heat accounts for around 20% of global energy consumption and is still largely produced by burning gas in Europe — making it an EU decarbonisation priority. Sébastien Léger, co-founder and general partner at SlateVC, called the €100 billion industrial heat market one Epyr could lead in Europe.
Read more: Tech.eu
Image credit: Epyr
