Epyr, a thermal energy storage (TES), has raised €3 million (~$3.1 million) in an oversubscribed pre-seed funding round.
This funding round was co-led by AENU and Daphni. OVNI Capital, WEPA Ventures, and several other European angel investors joined in the round.
“As Western economies strive for energy independence, reducing reliance on fossil fuel imports is imperative. The TES technology is mature, but widespread industrial adoption requires a skilled integrator,” said Augustin Sayer, co-founder of OVNI Capital.
Epyr plans to use the funding to standardize its TES technology, which includes hardware heat batteries and AI-driven heat optimization software, deploy an industrial-scale demonstrator in France to highlight its scalability and economic value and recruit for its engineering, operations, and business development to enhance execution for future expansion.
“With the increasing fluctuation of electricity prices, induced by intermittent renewable energy sources, we see a large economic opportunity for Epyr’s thermal energy storage, which soaks up cheap excess electricity and generates a steady output of process heat. Given Bastien and Léa’s combined expertise in energy markets and systems engineering, we are confident the Epyr team is exceptionally well-positioned to seize this remarkable opportunity,” said Fabian Heilemann, founder & CEO of AENU.
According to Mercom’s Annual and Q4 2024 Funding and M&A Report for Energy Storage and Smart Grid, Venture Capital funding in the Energy Storage sector in 2024 decreased 60% year-over-year, with $3.7 billion in 84 deals compared to $9.2 billion in 86 deals in 2023.
In September 2024, Exergy3, a thermal energy-based energy storage system provider, secured £1 million (~$1.3 million) in a pre-seed funding round. Zero Carbon Capital led the funding with participation from existing investors Old College Capital and Scottish Enterprise.
