{"data":{"type":"company_profile","id":144345,"entity_id":"wefunder:company:144345","attributes":{"canonical_url":"https://wefunder.com/2040.energy","generated_at":"2026-06-14T21:44:21Z","updated_at":"2026-06-14T05:03:31Z","entity_ids":{"company":"wefunder:company:144345","slug":"wefunder:company_slug:2040.energy"},"profile_visibility":{"owner_published":true,"public_search_results":true,"site_search_listed":true,"privacy_mode":"promote","invite_only":false},"provenance":{"source":"wefunder_public_company_profile","as_of":"2026-06-14T21:44:21Z","claims":{"total_amount_raised":{"source":"FrontCompanySummary#amount_raised","last_verified_at":"2026-06-14T05:03:31Z","as_of":"2026-06-14T21:44:21Z","confidence":"high"},"total_investors":{"source":"FrontCompanySummary#number_of_investors","last_verified_at":"2026-06-14T05:03:31Z","as_of":"2026-06-14T21:44:21Z","confidence":"high"},"active_raise_states":{"source":"Fundraise.visible(nil, nil)","last_verified_at":"2025-04-28T20:27:20Z","as_of":"2026-06-14T21:44:21Z","confidence":"high"},"latest_fundraise_state":{"source":"Fundraise.visible(nil, nil).order(funding_started_at)","last_verified_at":"2025-04-28T20:27:20Z","as_of":"2026-06-14T21:44:21Z","confidence":"medium"}}},"company":{"id":144345,"entity_id":"wefunder:company:144345","slug":"2040.energy","name":"2040 Energy","tagline":"Zero-emissions heat for homes with radiators","story":"Heat pumps are the low-carbon, energy-efficient future of building heat. They run on clean electricity rather than fossil fuels and can save homeowners lots of money on energy costs. The federal government and multiple states understand their benefits, and promote them with very large rebates.But today’s heat pumps have a hidden weakness: the heat they generate isn’t very hot. And for the 6 million homes in the US heated by hot water radiators (rather than forced-air), this weakness is actually a big problem…Cast-iron and baseboard radiators need very hot water (typically 150°F-175°F) to heat effectively on the coldest days. Today’s heat pumps just can’t do it – and even when they get close, their heating power drops off rapidly.This means homeowners can’t simply replace their boiler with a heat pump – they must either undertake a major renovation to forced-air heating, or install a fleet of ductless heat pumps throughout their house.We are working to solve this problem.RenewaBoiler – The Heat Pump Boiler is designed to meet the high temperature needs of hot water radiators – up to 175°F in outdoor temperatures well below 0°F, with no loss in heating power.To make this work, RenewaBoiler uses two major technology improvements vs. the competition: carbon dioxide refrigerant and ejector energy recovery. This tech is used today in high-end supermarket refrigeration systems, but has been considered too complex and expensive for residential heat pumps.Our unique design, which includes several innovations we intend to patent, has the potential to enable us to produce and sell RenewaBoiler at a competitive price point. We currently have a demonstration prototype installed at the home of our founder/CEO. Check it out in the video below:RenewaBoiler will not only be great at heating – we intend for it to also be the industry's smartest heat pump, with embedded sensors and a cellular data connection:This Internet-of-Things-style design will allow us to monitor performance in real time – so if a problem occurs, we can immediately alert a service technician to minimize downtime. It will also allow many homeowners to earn money from their electric utility by participating in Demand Response programs.We anticipate that remote monitoring and demand response will create additional value for our customers and an ongoing revenue stream for 2040 Energy. (But they will never be required in order for RenewaBoiler to keep the house warm!)Forward-looking projections are not guaranteed.We intend to launch RenewaBoiler with direct-to-homeowner sales, and are already seeing strong interest from prospective customers:\u0026nbsp;I'm looking forward to the product since I've been waiting for something like this for years. -- Elizabeth Dahl, homeowner in Parkville, MDI have been hoping for years that someone would make this product before my gas boiler dies. Very excited about your solution! -- Jim Johnson, homeowner in Arlington, MAWe anticipate our customer acquisition will be inexpensive and scalable. Our website ranks highly in Google search for key terms like “heat pump for radiators” and “heat pump boiler”, and our cost-per-click for relevant search terms is extremely low.RenewaBoiler will generally require professional installation (though it will be possible for an ambitious homeowner to DIY it).When a homeowner begins the purchase process, we will identify an installer in their area and arrange for the installation. If the installer meets our standards (and we meet theirs!), we will seek to partner with them – offering local exclusivity and high-quality leads in exchange for hitting sales targets.Thus far, we have spoken with contractors in 10 different locations who are interested in installing our product.We are certainly interested in being your preferred installers for RenewaBoiler in the Hudson Valley. I really look forward to working with you and this technology in the future. -- Matt LeFevre, Owner/President, Hot Water Solutions, Kingston NYWe intend for these installer partnerships to be an additional moat against our competition. Developing them is a key to the long-term success of our company.Most of our revenue will come from hardware sales. We anticipate also making money from:“Add-on” sales commissions from our installer partners when RenewaBoiler customers purchase additional products/services (electrical upgrades, water heaters, etc).Subscriptions from homeowners to our monitoring service. We expect to have a very high retention rate, as demand response incentives will make this program cash-positive (or close to it) for most of our customers.Typical gross margins in our industry are around 30%. If we are able to execute on earning these additional high-margin revenue streams, we will have an opportunity to be much more profitable.Forward-looking projections are not guaranteed.Many of our homeowner customers will qualify for state or federal subsidies, which can make RenewaBoiler cheaper up-front than a traditional boiler. And even without subsidies, the cost savings vs. oil and propane will create a favorable payback period in many cases.***market projections not guaranteedOur addressable market for RenewaBoiler is in the billions of dollars per year.Sources: Install base from U.S. Census Bureau, American Housing Survey (\"Steam or hot water system\", 1-4 unit structures); Market volume from EIA Technology Forecast Updates (p19 + p22); Oil/propane share estimated from U.S. Census Bureau, American Housing Survey (based on census division breakdown).Sources: Cold-climate USA install base from U.S. Census Bureau, American Housing Survey (including New England, Middle Atlantic, East \u0026amp; West North Central census divisions); Europe install base from Nesta (129M in EU + 23M in UK); Market size projection based on SAM vs. install base in US boiler market.Once we have some scale and experience, we will be in a good position to expand into larger markets:For forced-air systems, RenewaBoiler's high-temperature output can eliminate the requirement for ductwork upgrades – a common problem with today's heat pumps that kills heat pump economics for many homes.In Europe, the boiler market is much larger, and is already transitioning to heat pumps.After all, our company mission is to eliminate fossil fuel building heat worldwide by the year 2040. This is an ambitious goal that spans across every building type and the entire world.Let’s get started.Our goal for this capital raise is $500,000. We will use this to build out the engineering team and purchase materials, with a goal of completing 6 Beta (meaning production-like quality) installations for testing this winter.If we make it to $1.235 million (the max allowed for equity crowdfunding without a full financial audit), this will extend our capabilities and runway -- allowing us to target a fully-complete product with UL listing.Our minimum target for this crowdfund is $50,000. With this level of funding, we can build the next generation of prototype, build a mobile testing chamber for it, and take it on the road for sales and investor demos. This next generation of prototype will improve efficiency and reliability over the current generation, and use a production-like enclosure design.And most importantly, this low minimum allows us to make the most of your investment by starting work right away, while continuing to work towards our full fundraising target.If you’ve made it this far, I expect you’re at least somewhat interested in investing. So I’ll close with this:I’ve dedicated the last 3 years of my career to 2040 Energy because I see a huge potential for success. The market need is obvious, the core technology works, and I believe I’m the right person to bring it all together. But I can’t do it alone.So, I am inviting you to join me on this journey by investing in 2040 Energy.I can’t promise that everything will always go perfectly along the way. But I can promise you that I will stay completely dedicated to making this business a success and operating it with integrity.Thanks for reading,-- Joe","location":"Bloomington, MN","website":"https://www.2040energy.com","total_amount_raised":134000,"total_investors":83,"is_funded":true,"is_active":true,"quality_score":2,"related_urls":["https://wefunder.com/2040.energy","https://www.2040energy.com"]},"media":{"share_image_url":"https://uploads.wefunder.com/uploads/company/header_media_photo/144345/xxl_blob.jpg","logo_url":"https://uploads.wefunder.com/uploads/company/logo/144345/large_blob.png","header_media_url":"https://uploads.wefunder.com/uploads/company/header_media_photo/144345/standard_blob.jpg","cover_photo_url":"https://uploads.wefunder.com/uploads/company/header_media_photo/144345/standard_blob.jpg"},"links":{"company_url":"https://www.2040energy.com"},"highlights":[],"quick_facts":[{"index":1,"claim_id":"claim-fact-1","value":"Developing a high-temperature heat pump optimized for 6 million US homes with radiators"},{"index":2,"claim_id":"claim-fact-2","value":"Estimated savings for customers of $500-$1,500/yr (for ~1.8 million homes on oil/propane)"},{"index":3,"claim_id":"claim-fact-3","value":"$480k in homeowner pre-orders (w/ paid deposits)"},{"index":4,"claim_id":"claim-fact-4","value":"Working demonstration prototype"},{"index":5,"claim_id":"claim-fact-5","value":"$4B market for our first product"},{"index":6,"claim_id":"claim-fact-6","value":"Potential to expand to adjacent markets totaling \u0026gt;$100B"}],"team":[{"id":3925177,"entity_id":"wefunder:company_role:3925177","user_entity_id":"wefunder:user:4145379","role":"founder","name":"Joseph Strommen","title":"CEO","bio":"Gritty and determined founder of 2040 Energy. Self-trained mechanical engineer and experienced software developer. Designed and hand-built the first two generations of RenewaBoiler prototypes.","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/3925177/square_blob.jpg?1719417778","profile_url":"https://wefunder.com/joseph.strommen","personal_url":"https://www.2040energy.com","linkedin_url":"https://linkedin.com/in/joestrommen/","related_urls":["https://wefunder.com/joseph.strommen","https://www.2040energy.com"]}],"featured_investors":[{"id":8780,"entity_id":"wefunder:company_investor_profile:8780","investor_profile_id":3827180,"investor_profile_entity_id":"wefunder:investor_profile:3827180","subject_entity_id":"wefunder:notable_investor:12239","name":"Martin Morud","role_title":"","bio":"Owner/CEO of TruNorth Solar","avatar_url":"https://wefunder.com/rails/active_storage/blobs/redirect/eyJfcmFpbHMiOnsiZGF0YSI6MTA0OTc4LCJwdXIiOiJibG9iX2lkIn19--4ede0a4d87893146b611ce072b8c38c1e10e6ade/filename","profile_url":"https://wefunder.com/martin.morud","endorsement_quote":"Joe and I have known each other for a few years now and he has my full support and confidence. Joe is an industry leader, visionary, creative thinker and inventor. I am honored to be a part of this clean energy journey with him.","endorsement_name":"","is_lead_investor":false,"related_urls":["https://wefunder.com/martin.morud"]},{"id":9035,"entity_id":"wefunder:company_investor_profile:9035","investor_profile_id":3844579,"investor_profile_entity_id":"wefunder:investor_profile:3844579","subject_entity_id":"wefunder:user:4354580","name":"Chris Kohlhardt","bio":"Former founder and CEO of gliffy.com. Philanthropist focusing on climate solutions and in particular building electrification.","avatar_url":"https://wefunder.com/rails/active_storage/blobs/redirect/eyJfcmFpbHMiOnsiZGF0YSI6MTI3NjAzLCJwdXIiOiJibG9iX2lkIn19--b9f3f202938cee05c237c3e818b14b9ed6df05b2/filename","profile_url":"https://wefunder.com/christopher.kohlhardt","endorsement_quote":"As an investor, I'm continually searching for companies that bring innovative solutions to critical issues. 2040 Energy, under the leadership of the dedicated Joseph Strommen, has impressed me with their singular focus on developing a heat pump boiler that promises significant cost savings for homeowners and a substantial reduction in CO2 emissions. Joseph's resolve and clear vision have been instrumental in navigating the complexities of product development, ensuring that their offering is not just practical but also environmentally responsible. I enthusiastically endorse 2040 Energy for their impactful work in advancing sustainable technology. Their heat pump boiler is not just a product—it's a step towards a greener future.","investment_total":25000,"investment_info":"Invested $25,000 this round","is_lead_investor":true,"related_urls":["https://wefunder.com/christopher.kohlhardt"]}],"investor_memos":[],"tab_counts":{"posts":0,"ask_questions":6,"featured_investors":2,"faq_entries":5},"active_fundraises":[{"id":99145,"entity_id":"wefunder:fundraise:99145","state":"successful","offering_type":"4(a)(6)","funding_type":"note","structure":"safe","security_type":"equity","currency":"USD","testing_the_waters":false,"min_purchase":100,"max_purchase":9,"funding_target":50000.0,"minimum_target":"50000.0","maximum_target":"1235000.0","funding_started_at":"2024-05-17T00:00:21Z","funding_closed_at":"2025-03-10T00:00:00Z","auto_close_at":"2025-03-10T00:00:00Z"},{"id":99146,"entity_id":"wefunder:fundraise:99146","state":"successful","offering_type":"4(a)(6)","funding_type":"note","structure":"ttw","security_type":"","currency":"USD","testing_the_waters":true,"min_purchase":100,"max_purchase":9,"funding_target":1235000.0,"minimum_target":"50000.0","maximum_target":"1235000.0","funding_started_at":"2024-03-20T04:38:46Z"}],"latest_fundraise":{"id":99145,"entity_id":"wefunder:fundraise:99145","state":"successful","offering_type":"4(a)(6)","structure":"safe","testing_the_waters":false,"can_invest_now":false,"funding_started_at":"2024-05-17T00:00:21Z","funding_closed_at":"2025-03-10T00:00:00Z","terms":{"eb":null,"nb":"$4.5M","txt":"valuation cap"}},"recent_posts":[],"q_and_a":[{"id":280015,"entity_id":"wefunder:comment:280015","question":"If I live somewhere that doesn’t have an installer, how will my boiler get installed?","author_name":"Meg Walsh","votes":2,"created_at":"2024-03-28T20:24:46Z","canonical_url":"https://wefunder.com/2040.energy#question-280015","answers":[{"id":280017,"entity_id":"wefunder:comment:280017","answer":"Hi Meg - thanks for asking! I'll start with this: installing RenewaBoiler is not complicated, and can be done by anybody that can install a traditional gas or oil boiler (along with an electrician). So, if a customer wants our product but we don't yet have an installer in their area, we will find one. Ideally this will be via recommendation -- from the customer, or an installer in our existing network, or local advocacy groups that work on heat pumps. But sometimes we may have to just do a Google search and make a bunch of phone calls. We've found that most installers want to see our product out in the field before they commit to much of anything. That is why we only have 10 installers in our \"network\" at this time, and it's a big reason why getting to Beta installations will be such a huge milestone for us.","author_name":"Joseph Strommen","votes":2,"created_at":"2024-03-28T20:50:19Z"}]},{"id":300698,"entity_id":"wefunder:comment:300698","question":"What's the BTU equivalent? For example, my combi domestic hot water / baseboard heating boiler is 175,000 BTUs. What's the energy efficiency curve look like at temperatures below 0F? Is there a temperature where this heat pump turns off?","author_name":"Todd Kamin","votes":1,"created_at":"2025-01-23T19:36:39Z","canonical_url":"https://wefunder.com/2040.energy#question-300698","answers":[{"id":300717,"entity_id":"wefunder:comment:300717","answer":"Hi Todd - great question. Nearly every boiler currently installed in the field has far more capacity than the home needs. And usually by a factor of 2-3x! So when we consider a heat pump to install we can go much smaller. The heat pumps we intend to sell range from 32-96,000 BTU/hr. I don't know details of your particular home, but in general a 175,000 BTU/hr boiler would be about right for a modern home of ~10k sq ft or an old home of ~6k sq ft. But I see them all the time installed in much smaller homes. RenewaBoiler's projected energy efficiency below 0F is pretty flat, around 1.4 COP. (Meaning the heat pump would generate 1.4 units of heat for every unit of electricity.) RenewaBoiler's projected minimum rated temperature is somewhere from -10 to -15F. It's unclear at this time if we will need to shut off below that, or simply operate with reduced capacity. The answer will come from lab testing of pre-production units.","author_name":"Joseph Strommen","votes":0,"created_at":"2025-01-24T00:41:27Z"}]},{"id":287561,"entity_id":"wefunder:comment:287561","question":"Hi Joseph, I definitely see the need for this product! I have a few questions for you: 1. How has progress been on the outstanding engineering questions -- onboard inverter, refrigerant temperature, and electronics board? 2. Will you still do beta installations this/next year if you raise between $50,000 and $500,000? 3. What does success look like for the beta installations? 4. What size house can one RenewaBoiler service?","author_name":"Rebecca Odim","votes":1,"created_at":"2024-07-11T21:14:58Z","canonical_url":"https://wefunder.com/2040.energy#question-287561","answers":[{"id":287634,"entity_id":"wefunder:comment:287634","answer":"Hi Rebecca - thanks for your questions! Here are answers: 1) Since the first transfer from this campaign cleared about a month ago, I have been actively working on the new prototype version, including the onboard inverter \u0026amp; electronics and mechanical design updates regarding temperatures. I don't have any results to share yet; I expect it will be at least another month (perhaps two). 2) We certainly intend to, and given the funding we've raised so far I think it should be possible. 3) Success for a Beta installation means operating reliably and meeting our performance projections in a variety of conditions. It doesn't have to mean that the Beta hardware and software is perfect! There will likely be problems that we need to address before we can move to production. But the units should be very close to something that can be installed in hundreds of homes the following year. 4) There's no perfect answer to this, because there is such a wide range of energy efficiency between homes. But as a general guideline for typical homes: our Medium size is for 1,200-2,000 sq ft, Large is for 2,000-3,000, and XL is for 3,000-4,500. But it varies a lot! Especially in older homes, for which hot water radiators are more common.","author_name":"Joseph Strommen","votes":1,"created_at":"2024-07-12T07:22:45Z"}]},{"id":302113,"entity_id":"wefunder:comment:302113","question":"Hi Joe, Thanks for doing what you're doing. In your 'last chance' email I didn't see a deadline. Is it too late? Another question that I didn't find info on is 'Is there any liability to me or risk other than my initial investment?' Thanks, Fred Pollastrini","author_name":"Fred Pollastrini","votes":0,"created_at":"2025-02-12T20:10:39Z","canonical_url":"https://wefunder.com/2040.energy#question-302113","answers":[]},{"id":284101,"entity_id":"wefunder:comment:284101","question":"1. What are the current GTM strategies to get in front of SFH owners? 2. Is this or could this ever be used for buildings that are \u0026gt; 4 units? 3. Are there any competitors beyond expensive heat pump conversions and gas boilers?","author_name":"Tameron McGurren-Leal","votes":0,"created_at":"2024-05-23T21:18:37Z","canonical_url":"https://wefunder.com/2040.energy#question-284101","answers":[{"id":284103,"entity_id":"wefunder:comment:284103","answer":"Hi Tameron - thanks for the questions! 1) To start, we are going to market with a B2C strategy focused on early adopters. We've been having success with Google Ads and SEO (targeting e.g. \"heat pump for radiators\"). As we get closer to product release, we will do more digital marketing towards green/climate-focused consumers, and also traditional media advertising in select markets. 2) Potentially. Multiple RenewaBoilers operated in parallel can serve mid-rise multifamily buildings up to ~10k sq ft, and we have a co-op for such a building interested in a potential installation next year. And this type of building is a very large market in New York City, where there are strong incentives to electrify heating. 3) The 3 main categories of competitor are a) boiler, b) renovation to add ductwork and a central heat pump, and c) adding mini-splits throughout the house. There are also other air-to-water heat pumps that can serve very well-insulated homes (which is a small segment of the market).","author_name":"Joseph Strommen","votes":0,"created_at":"2024-05-23T22:01:53Z"}]},{"id":283963,"entity_id":"wefunder:comment:283963","question":"1) What are the current, major engineering hurdles to overcome?What will it take to get from hand building beta products to producing the first 50-100 units? 2) What will it take to get from hand building beta products to producing the first 50-100 units? 3) Maybe it's too soon to really know yet, but once ready to scale, do you envision that 2040 Energy will develop its own manufacturing plant, contract manufacturing or get acquired before then by a larger company with those resources already in place?","author_name":"Brian S","votes":0,"created_at":"2024-05-21T18:18:13Z","canonical_url":"https://wefunder.com/2040.energy#question-283963","answers":[{"id":283977,"entity_id":"wefunder:comment:283977","answer":"Thanks for the great questions Brian! 1) The biggest tasks remaining are to a) source/develop an onboard inverter to drive the compressor, b) implement a solution to ensure refrigerant coming back to the compressor is always several degrees above its boiling point, and c) develop a production-quality electronics board. 2) \"Beta\" products will be substantially production-like, so (nearly) all the parts, etc. will be identical. The biggest difference for actual production will be having a repeatable assembly process that is spread across multiple people with different skillsets. When we get to this point, a key hire for us will be a manufacturing director with experience in setting up this sort of thing. 3) I intend to keep production in-house at our facility in Minnesota for at least the first 1-2 years after product release, while we fine-tune the design and production process. From there, the decision to build a larger plant vs. outsource to a contract manufacturer will depend on a lot of factors. Keeping everything in-house would require more capital, but in exchange it would give us the opportunity to capture more of the value created by larger scale and manufacturing experience.","author_name":"Joseph Strommen","votes":1,"created_at":"2024-05-21T20:56:55Z"}]}],"faq":[{"question":"If I live somewhere that doesn’t have an installer, how will my boiler get installed?","answer":"Hi Meg - thanks for asking! I'll start with this: installing RenewaBoiler is not complicated, and can be done by anybody that can install a traditional gas or oil boiler (along with an electrician). So, if a customer wants our product but we don't yet have an installer in their area, we will find one. Ideally this will be via recommendation -- from the customer, or an installer in our existing network, or local advocacy groups that work on heat pumps. But sometimes we may have to just do a Go..."},{"question":"1) What are the current, major engineering hurdles to overcome?What will it take to get from hand building beta products to producing the first 50-100 units? 2) What will it take to get from hand building beta products to producing the first 50-100 units? 3) Maybe it's too soo...","answer":"Thanks for the great questions Brian! 1) The biggest tasks remaining are to a) source/develop an onboard inverter to drive the compressor, b) implement a solution to ensure refrigerant coming back to the compressor is always several degrees above its boiling point, and c) develop a production-quality electronics board. 2) \"Beta\" products will be substantially production-like, so (nearly) all the parts, etc. will be identical. The biggest difference for actual production will be having a repea..."},{"question":"1. What are the current GTM strategies to get in front of SFH owners? 2. Is this or could this ever be used for buildings that are \u0026gt; 4 units? 3. Are there any competitors beyond expensive heat pump conversions and gas boilers?","answer":"Hi Tameron - thanks for the questions! 1) To start, we are going to market with a B2C strategy focused on early adopters. We've been having success with Google Ads and SEO (targeting e.g. \"heat pump for radiators\"). As we get closer to product release, we will do more digital marketing towards green/climate-focused consumers, and also traditional media advertising in select markets. 2) Potentially. Multiple RenewaBoilers operated in parallel can serve mid-rise multifamily buildings up to ~10k..."},{"question":"Hi Joseph, I definitely see the need for this product! I have a few questions for you: 1. How has progress been on the outstanding engineering questions -- onboard inverter, refrigerant temperature, and electronics board? 2. Will you still do beta installations this/next year ...","answer":"Hi Rebecca - thanks for your questions! Here are answers: 1) Since the first transfer from this campaign cleared about a month ago, I have been actively working on the new prototype version, including the onboard inverter \u0026amp; electronics and mechanical design updates regarding temperatures. I don't have any results to share yet; I expect it will be at least another month (perhaps two). 2) We certainly intend to, and given the funding we've raised so far I think it should be possible. 3) Suc..."},{"question":"What's the BTU equivalent? For example, my combi domestic hot water / baseboard heating boiler is 175,000 BTUs. What's the energy efficiency curve look like at temperatures below 0F? Is there a temperature where this heat pump turns off?","answer":"Hi Todd - great question. Nearly every boiler currently installed in the field has far more capacity than the home needs. And usually by a factor of 2-3x! So when we consider a heat pump to install we can go much smaller. The heat pumps we intend to sell range from 32-96,000 BTU/hr. I don't know details of your particular home, but in general a 175,000 BTU/hr boiler would be about right for a modern home of ~10k sq ft or an old home of ~6k sq ft. But I see them all the time installed in much ..."}]}}}