€15m · Series A · Energy · Paris, France
Paris-based Epyr, which develops thermal energy storage for industrial heat, has raised an oversubscribed €15 million Series A led by SlateVC. Existing investors AENU, Daphni, OVNI Capital, WEPA Ventures and Aurum Impact also participated. The company said the capital will fund its next wave of industrial deployments, beginning with a recently announced 35 MWh unit for French papermaker Papeco.
Heat-as-a-Service connects volatile power prices to factory demand
Industrial plants need reliable high-temperature heat even when renewable electricity is intermittent. Epyr’s system uses electric resistors to heat air and firebricks during lower-cost hours, stores that energy, and releases it as process heat when a customer needs steam. The company combines the equipment with system integration, energy management and, where required, third-party financing under a Heat-as-a-Service model.
That packaging matters commercially because the customer is buying dependable heat rather than assembling storage hardware, power-market optimisation and project finance separately. Shifting electricity use towards cheap or abundant hours can improve the economics against gas, while the service model can reduce the capital and integration burden on an industrial site. Epyr still has to price and operate each project well enough for those savings to survive local power tariffs, grid constraints and plant-specific engineering.
The company’s first industrial reference provides an early operating proof point. Its unit at WEPA Group’s Troyes paper mill was built and commissioned in under six months and, according to Epyr, now supplies up to a quarter of the site’s steam needs. That is more useful evidence than a laboratory efficiency claim because it tests the technology inside a live production environment with continuous heat requirements.
Repeat deployments are the Series A test
Epyr says the planned Papeco installation will replace all natural-gas consumption at the site, while several other deployments are under study across paper, food and beverage, and chemicals. The 35 MWh project has been announced but should not be treated as already operating. The financing therefore moves Epyr from proving one installation towards showing that engineering, financing and commissioning can be repeated across customers without every project becoming a bespoke build.
Sources checked:
Epyr company announcement · Epyr company background · Tech.eu Funding Explorer
