A high performance ventilation system with .[.means.]. .Iadd.provisions .Iaddend.for recovering a high percentage of sensible and latent thermal energy from the exhausted air for return via the supply air. Two matrices of thermally absorbent, expanded honeycomb material are respectively alternately interconnected with fan-driven supply and exhaust paths via a valve device to store energy in one matrix while retrieving energy from the other. Constant air flow direction is maintained in the ventilated area. The valve may be thermostat controlled. The matrices are preferably formed of a fibrous organic material such as paper, in an expandable honeycomb configuration, and resin impregnated for durability and strength. A degree of residual flexibility is desired whereby the matrices may be adjusted for fitting, air control and cleaning purposes.