French startup Epyr raises €15M following successful industrial heat storage deployment

What happened

French industrial energytech company Epyr has raised a €15 million Series A (an early stage of company funding) round led by SlateVC. Existing investors AENU and Daphni are doubling down, alongside WEPA Ventures , OVNI Capital and Aurum Impact.

Industrial heat accounts for around 20 per cent 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.

Market conditions are now tipping in electricity's favour. 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.