{"data":{"type":"company_profile","id":88297,"entity_id":"wefunder:company:88297","attributes":{"canonical_url":"https://wefunder.com/icarus.rt.inc","generated_at":"2026-06-23T00:21:58Z","updated_at":"2026-06-22T05:03:21Z","entity_ids":{"company":"wefunder:company:88297","slug":"wefunder:company_slug:icarus.rt.inc"},"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":"2026-06-23T00:21:58Z","claims":{"total_amount_raised":{"source":"FrontCompanySummary#amount_raised","last_verified_at":"2026-06-22T05:03:21Z","as_of":"2026-06-23T00:21:58Z","confidence":"high"},"total_investors":{"source":"FrontCompanySummary#number_of_investors","last_verified_at":"2026-06-22T05:03:21Z","as_of":"2026-06-23T00:21:58Z","confidence":"high"},"active_raise_states":{"source":"Fundraise.visible(nil, nil)","last_verified_at":"2025-02-06T01:17:55Z","as_of":"2026-06-23T00:21:58Z","confidence":"high"},"latest_fundraise_state":{"source":"Fundraise.visible(nil, nil).order(funding_started_at)","last_verified_at":"2025-02-06T01:17:55Z","as_of":"2026-06-23T00:21:58Z","confidence":"medium"}}},"company":{"id":88297,"entity_id":"wefunder:company:88297","slug":"icarus.rt.inc","name":"Icarus RT, Inc.","tagline":"Hybrid PV/Thermal Solar Plus Storage Cogeneration System","elevator_pitch":"Icarus RT makes panels that extract heat from solar panels to heat water. This hot water can be used in homes and businesses and the solar panels are more efficient when cooled.","story":"Icarus RT’s revolutionary Quartet\u0026nbsp;Hybrid Solar Energy technology combines the best of solar photovoltaic technology with solar hot water systems to capture twice the energy from the sun in the same footprint with only a minor increase in cost. With the Quartet system, building owners no longer must choose between generating electricity or hot water with their solar system – they get both! End users gain higher solar energy conversion and thermal energy storage without expensive, toxic batteries. Hotels, apartment complexes, hospitals, factories, and schools can obtain all the electricity and hot water they need to be self-sustaining while saving tons of carbon emissions annually. The best part: because of its higher efficiency, the Quartet solar system can return the entire initial cost in just 3 years due to the high energy cost savings, rather than the 5-10 year payback of current solar technologies. The faster payback makes the Quartet Hybrid Solar System a more economically attractive investment and in-turn, improves the air quality around the globe due to reduced fossil fuel emissions.Current photovoltaic systems become less efficient as they heat up, defeating the whole purpose of using the sun to generate electricity. The Quartet system cools solar panels to improve their electric efficiency while the sun shines and recycles the excess heat off the panels to generate hot water. Quartet provides double the energy output within the same footprint of a comparable photovoltaic array alone.The Quartet system includes a thermally-insulated storage tank to provide hot water on-demand on cloudy days and at night. Water thermal storage is cleaner, inexpensive and benefits the planet by reducing the vast quantities of lithium mined for current battery storage while significantly reducing the large amounts of toxic lithium waste being disposed every year.How far along are we?Icarus first installed a demonstration system at the University of California San Diego (UCSD) for prototyping and testing in 2018. This first system proved the efficiency gains and potential cost savings made possible with the Quartet technology. We are now installing two additional full-sized commercial scale prototypes at Palomar Community College in San Marcos, CA, and a second system at UCSD. Upon successful validation of these prototypes, commercial demonstration projects are scheduled at San Diego State University, a large multi-unit residential complex in Del Mar, CA, and a large government building in San Diego, CA.Our team working on our first installation.These installations are being developed with the support of multiple strategic partners including CalSEED, Shell-NREL, Black \u0026amp; Veatch, Qualcomm, Southern California Energy Innovation Network, the Berkeley-Haas Cleantech to Market (C2M) program, UCSD, and San Diego State University. These well-reputed organizations have strongly supported Icarus throughout the development of the Quartet system over the years.We were in GameChanger's 3rd Cohort.Why are we raising money?The Quartet system has been fully developed and proven at the prototype stage. The funding from this WeFunder campaign will allow us to ramp up manufacturing and roll out a system ready to be installed for multiple early customers already lined-up.Why Us?Other companies have attempted to develop hybrid solar energy systems along the lines that Icarus has created. These alternative approaches have failed to meet the efficiency improvements and cost-effectiveness of the unique Quartet approach. However, new materials and design techniques have enabled the patent-pending technology that Icarus has developed and proven efficiencies, cost savings, and long life that will lead to Icarus RT’s success where others have failed.Our Market“Full electrification” trends are becoming common in places like California and Colorado where local governments are forcing the gradual elimination of natural gas appliances, including water heaters, to reduce greenhouse gas emissions. Unfortunately, eliminating natural gas water heating in favor of electrical hot water heating is expensive but provides Icarus a tremendous opportunity to install Quartet systems throughout California and the United States. In fact, the world’s Sunbelt is Icarus’ market opportunity.Forward-looking projections cannot be guaranteed.High density housing complexes are our beachhead market. Other targets include commercial buildings such as hospitals, hotels, municipal buildings, schools, and manufacturers that benefit from replacing natural gas water heating with solar water heating while improving the performance of their PV electricity generation systems. Once market presence is established in the commercial sector, Icarus will pursue utility scale projects with investor-owned and public utility companies. Our Go-To-Market StrategyInitially, revenue will be generated through product sales and installation channels through 2022. Icarus will then transition to licensing as a primary revenue stream. Icarus will license its technology to Engineering, Procurement and Construction (EPC) contractors who will sell and install Quartet systems. Icarus’ forecasts installations totaling 5000-kW of new and retrofit solar installations in the first year of full production (beginning 2022). In years two and three, we project reaching 24,000-kW installed in California alone. By 2024 and 2025, we will scale to 108,000-kW and 480,000-kW installed throughout the US and global markets. These assumptions are based on conservative projections of deployment as compared to the large value proposition of the increase efficiency using the Icarus technology. Forward-looking projections cannot be guaranteed.How Your Investment Helps Make All This PossibleYour investment will accelerate commercialization of the Icarus Quartet system. The faster we reach the market the sooner we realize annual emission reductions equivalent to that of 480 cars per 1000-kW of power from Quartet system installations.To learn more visit icarusrt.com or contact us at info@icarusrt.com","location":"San Diego, CA","website":"https://www.icarusrt.com","total_amount_raised":67423,"total_investors":72,"is_funded":true,"is_active":true,"quality_score":3,"related_urls":["https://wefunder.com/icarus.rt.inc","https://www.icarusrt.com"]},"media":{"share_image_url":"https://uploads.wefunder.com/uploads/company/header_media_photo/88297/xxl_cropped_IMG_0474.jpg","logo_url":"https://uploads.wefunder.com/uploads/company/logo/88297/large_cropped_Icarus_Logo.png","header_media_url":"https://uploads.wefunder.com/uploads/company/header_media_photo/88297/standard_cropped_IMG_0474.jpg","cover_photo_url":"https://uploads.wefunder.com/uploads/company/header_media_photo/88297/standard_cropped_IMG_0474.jpg","profile_video_url":"https://wefunder.wistia.com/medias/05ard2d2ow"},"links":{"company_url":"https://www.icarusrt.com","twitter_url":"httpstwittercomicarusrtinc","instagram_url":"https://www.instagram.com/icarusrt/"},"highlights":[],"quick_facts":[{"index":1,"claim_id":"claim-fact-1","value":"⚡ Boosts Solar Photovoltaic (PV) efficiency while generating hot water."},{"index":2,"claim_id":"claim-fact-2","value":"☀ Icarus takes back more than half of the waste heat rejected by PV systems."},{"index":3,"claim_id":"claim-fact-3","value":"🏙 Ideal for high density housing, commercial and industrial buildings."},{"index":4,"claim_id":"claim-fact-4","value":"💰 Reduces ROI from 6-8 years to about 3-years"},{"index":5,"claim_id":"claim-fact-5","value":"🌲 Every Megawatt of Icarus installed saves the emissions equivalent of 480 cars."},{"index":6,"claim_id":"claim-fact-6","value":"📈 $100M targeted early market. US Commercial \u0026amp; Industrial PV market $13B."},{"index":7,"claim_id":"claim-fact-7","value":"💵 $1.1M grants (California Energy Commission, Shell/NREL, Qualcomm) + $679 k private funds."},{"index":8,"claim_id":"claim-fact-8","value":"🏭 Two commercial demonstration projects scheduled for Q4-2021."}],"team":[{"id":1746478,"entity_id":"wefunder:company_role:1746478","user_entity_id":"wefunder:user:1446647","role":"founder","name":"Mark Anderson","title":"Founder \u0026 CEO","bio":"Anderson has 40+ years of energy industry experience and has consulted on renewable energy projects globally for the past 12 years. Anderson was the Project Director and Engineer of Record for the 29 MW Chevron BrightSource Solar to Steam Project.","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/1746478/square_cropped_mark.jpg?1635906923","profile_url":"https://wefunder.com/markganderson","related_urls":["https://wefunder.com/markganderson"]},{"id":1755739,"entity_id":"wefunder:company_role:1755739","role":"founder","name":"Ron Pitt","title":"CTO \u0026 Vice President","bio":"Pitt has been a C-suite leader in alternative energy and energy efficiency technology companies for over 20 years. Pitt founded two energy startup companies and is the inventor on multiple energy-related patents.","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/1755739/square_cropped_ron.jpg?1625255407","linkedin_url":"https://www.linkedin.com/in/ronpitt/","related_urls":[]},{"id":1760437,"entity_id":"wefunder:company_role:1760437","role":"employee","name":"Kathrine Lukes","title":"Operations Manager","bio":"Lukes is a former Captain in the United States Marine Corps and completed her MBA with a focus in Operations and Supply Chain Management. Lukes leverages her military experience in global supply chain, and logistics to lead the operations department.","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/1760437/square_cropped_KL.jpg?1625605857","linkedin_url":"https://www.linkedin.com/in/kathrine-lukes-mba-02bab648/","related_urls":[]},{"id":1760457,"entity_id":"wefunder:company_role:1760457","role":"employee","name":"Oyku Demirel","title":"Materials Engineer - Nanotechnology Specialist","bio":"Demirel received her BS degree in Chemical Engineering and her MS degree in Nano Engineering from University of California San Diego. Demirel is a globally published researcher, working to develop efficient materials to optimize Icarus’ technology.","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/1760457/square_cropped_OD.jpg?1625867417","linkedin_url":"https://www.linkedin.com/in/oyku-demirel-bab570164/","related_urls":[]},{"id":1760453,"entity_id":"wefunder:company_role:1760453","user_entity_id":"wefunder:user:1451822","role":"employee","name":"Alex Yeh","title":"Electrical Engineer","bio":"Yeh received his BS in Electrical Engineering from UCSD and is currently an Electrical Engineering graduate student at SDSU. Specializing in power and energy systems, Yeh has research experience in solar energy and wind turbine control systems.","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/1760453/square_cropped_AY.jpg?1625588956","profile_url":"https://wefunder.com/alex.yeh","linkedin_url":"https://www.linkedin.com/in/alexander-yeh-091272158/","related_urls":["https://wefunder.com/alex.yeh"]},{"id":1760447,"entity_id":"wefunder:company_role:1760447","role":"employee","name":"Brian Beachnau","title":"Mechanical Engineer","bio":"A current MSME student at San Diego State University, Beachnau's research has focused on heat transfer analysis and optimization through computational modeling. He is committed to developing efficient, sustainable technology.","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/1760447/square_cropped_BB.jpg?1625259645","linkedin_url":"https://www.linkedin.com/in/bbeachnau/","related_urls":[]},{"id":1760466,"entity_id":"wefunder:company_role:1760466","user_entity_id":"wefunder:user:1453838","role":"employee","name":"Jarred Druzynski","title":"Mechanical Engineer","bio":"Druzynski received his BS in Mechanical Engineering at San Diego State University and is continuing there for his MS in Mechanical Engineering. He will be specializing in Energy and Thermofluids and will also take coursework in Dynamics and Controls.","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/1760466/square_cropped_JD.jpg?1625254020","profile_url":"https://wefunder.com/jarred.druzynski","related_urls":["https://wefunder.com/jarred.druzynski"]},{"id":1774749,"entity_id":"wefunder:company_role:1774749","role":"employee","name":"Dishita Shah","title":"Finance Manager","bio":"Shah graduated with a dual MBA/Master’s in Finance degree from the University of San Diego. She is currently working to develop valuation models and financial projections for Icarus, and is interested in learning more about startup investing.","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/1774749/square_cropped_DS.jpg?1625778965","related_urls":[]},{"id":1760461,"entity_id":"wefunder:company_role:1760461","role":"employee","name":"Alyssa Dugar","title":"Human Resource \u0026 Outreach Manager","bio":"After retiring from the United States Marine Corps, Dugar joined the Icarus team to continue her fight for a better future. With a Bachelor’s degree in Psychology and Hispanic Studies from Rice University, she is a natural fit for HR and Outreach.","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/1760461/square_cropped_AD.jpg?1625867448","related_urls":[]},{"id":1927713,"entity_id":"wefunder:company_role:1927713","user_entity_id":"wefunder:user:1510697","role":"employee","name":"Austin Bond","title":"Chemical Engineer (Intern)","bio":"Bond received his BS in Chemical Engineering from UCSD and will continue there for a MS in the same with a specialization in nanotechnologies for energy and the environment. Bond is pursuing his engineer in training certificate through the NCEES.","avatar_url":"https://uploads.wefunder.com/uploads/company_role/custom_photo/1927713/square_cropped_AB.jpg?1627503005","profile_url":"https://wefunder.com/austin.bond","linkedin_url":"https://www.linkedin.com/in/austinb4007/","related_urls":["https://wefunder.com/austin.bond"]}],"featured_investors":[{"id":5572,"entity_id":"wefunder:company_investor_profile:5572","investor_profile_id":1282997,"investor_profile_entity_id":"wefunder:investor_profile:1282997","subject_entity_id":"wefunder:user:1766104","name":"Bruce Jones","avatar_url":"https://uploads.wefunder.com/2021/user_default_icon_circle.png","profile_url":"https://wefunder.com/brucejones3","investment_total":195000,"investment_info":"Invested $25,000 this round \u0026 $170,000 previously","is_lead_investor":true,"related_urls":["https://wefunder.com/brucejones3"]}],"investor_memos":[],"tab_counts":{"posts":0,"ask_questions":9,"featured_investors":1,"faq_entries":5},"active_fundraises":[{"id":46125,"entity_id":"wefunder:fundraise:46125","state":"successful","offering_type":"4(a)(6)","funding_type":"note","structure":"convertible_note","security_type":"debt","currency":"USD","testing_the_waters":false,"min_purchase":100,"max_purchase":9,"funding_target":50000.0,"funding_started_at":"2021-11-10T20:57:33Z","funding_closed_at":"2022-01-31T05:01:27Z","auto_close_at":"2022-01-31T04:59:59Z"},{"id":46126,"entity_id":"wefunder:fundraise:46126","state":"successful","offering_type":"4(a)(6)","funding_type":"note","structure":"ttw","security_type":"debt","currency":"USD","testing_the_waters":true,"min_purchase":100,"max_purchase":9,"funding_target":1000000.0,"funding_started_at":"2021-07-27T19:13:54Z"}],"latest_fundraise":{"id":46125,"entity_id":"wefunder:fundraise:46125","state":"successful","offering_type":"4(a)(6)","structure":"convertible_note","testing_the_waters":false,"can_invest_now":false,"funding_started_at":"2021-11-10T20:57:33Z","funding_closed_at":"2022-01-31T05:01:27Z","terms":{"eb":"$18.5M","nb":"$20M","txt":"valuation cap"}},"recent_posts":[],"q_and_a":[{"id":202423,"entity_id":"wefunder:comment:202423","question":"You do not appear to plan to market to the single family home market. Is that correct?","author_name":"Karl Primm","votes":0,"created_at":"2022-04-23T21:56:56Z","canonical_url":"https://wefunder.com/icarus.rt.inc#question-202423","answers":[]},{"id":202422,"entity_id":"wefunder:comment:202422","question":"Do any of your strategic partners have an option (or have indicated an interest) in acquiring part or all of the company?","author_name":"Karl Primm","votes":0,"created_at":"2022-04-23T21:56:03Z","canonical_url":"https://wefunder.com/icarus.rt.inc#question-202422","answers":[]},{"id":202421,"entity_id":"wefunder:comment:202421","question":"You indicated you have potential customers already signed-up. How many? At what value? What is timing? What is their level of commitment?","author_name":"Karl Primm","votes":0,"created_at":"2022-04-23T21:54:42Z","canonical_url":"https://wefunder.com/icarus.rt.inc#question-202421","answers":[]},{"id":189508,"entity_id":"wefunder:comment:189508","question":"Looks very interesting but I don't see any valuation and deal terms (Share Price as per offering). Can you please help me with the valuation and share price? Also, how much you were planning to raise initially as I can see campaign in ending in just 9 days with raise of $90K only. Have you received investment from any angel investor or VC and closing early?","author_name":"Ashutosh Goyal","votes":0,"created_at":"2022-01-23T07:55:12Z","canonical_url":"https://wefunder.com/icarus.rt.inc#question-189508","answers":[]},{"id":189393,"entity_id":"wefunder:comment:189393","question":"This is wrong. The investor name is Hreniuc Land,LLC. Grigore Hreniuc is the manager. If you can't fix the problem cancel my account and send me the refund. If you keep investor name Grigore Hreniuc do not invest the funds.","author_name":"Grigore B. Hreniuc","votes":0,"created_at":"2022-01-21T17:59:09Z","canonical_url":"https://wefunder.com/icarus.rt.inc#question-189393","answers":[{"id":189766,"entity_id":"wefunder:comment:189766","answer":"We worked through this via email. Thank you for your communication and patience.","author_name":"Mark Anderson","votes":0,"created_at":"2022-01-25T21:05:31Z"}]},{"id":179740,"entity_id":"wefunder:comment:179740","question":"Although this company looks promising, the valuation seems very high. What justifies 18.5m - 20m valuation with 0 revenue?","author_name":"Yosef  Hertz","votes":0,"created_at":"2021-11-17T16:53:12Z","canonical_url":"https://wefunder.com/icarus.rt.inc#question-179740","answers":[{"id":182295,"entity_id":"wefunder:comment:182295","answer":"Hi Joe - Good question. Recently we have seen VC's invest in pre-commercial pre-revenue cleantech companies such as ours with $10-$20 million, producing valuations of $20-$40 million. Cleantech is a very hot market, and cleantech companies in the first year of revenue have valuations much higher. You will likely find (via quick search on VC trends in 2021 in Cleantech) very interesting and exciting results...","author_name":"Mark Anderson","votes":0,"created_at":"2021-12-02T19:16:16Z"}]},{"id":173285,"entity_id":"wefunder:comment:173285","question":"I intend to make a prototype of an Organic Rankine Cycle generator retrofitted with refrigerator's components to improve electric energy output and at the same time replace a conventional solar water pond with insulated trapezoidal-prism shaped solar water troughs as thermal storage device. Does Icarus Inc provide funds for such an undertaking for prototype production?","author_name":"Charles Ayoma","votes":0,"created_at":"2021-10-08T13:10:02Z","canonical_url":"https://wefunder.com/icarus.rt.inc#question-173285","answers":[{"id":179683,"entity_id":"wefunder:comment:179683","answer":"Hi Charles - No, Icarus is an R\u0026amp;D company developing a solar plus storage technology that utilizes Organic Rankine Cycle for power conversion. We are raising money toward that end.","author_name":"Mark Anderson","votes":0,"created_at":"2021-11-17T01:17:02Z"}]},{"id":164898,"entity_id":"wefunder:comment:164898","question":"Can post your technology efficiency chart?","author_name":"Hashem Alobaid","votes":0,"created_at":"2021-08-22T13:28:23Z","canonical_url":"https://wefunder.com/icarus.rt.inc#question-164898","answers":[{"id":179685,"entity_id":"wefunder:comment:179685","answer":"We'll be glad to provide additional details with an NDA. Simply email info@icarusrt.com and explain your request, and willingness to sign an NDA. We will provide one.","author_name":"Mark Anderson","votes":0,"created_at":"2021-11-17T01:19:00Z"}]},{"id":164454,"entity_id":"wefunder:comment:164454","question":"Hello, does your system use batteries to provide electricity at night?","author_name":"John Pereira","votes":0,"created_at":"2021-08-19T17:35:00Z","canonical_url":"https://wefunder.com/icarus.rt.inc#question-164454","answers":[{"id":179684,"entity_id":"wefunder:comment:179684","answer":"Hello John, We are considering a small battery system to reserve excess power for use when needed.","author_name":"Mark Anderson","votes":1,"created_at":"2021-11-17T01:17:50Z"}]}],"faq":[{"question":"Hello, does your system use batteries to provide electricity at night?","answer":"Hello John, We are considering a small battery system to reserve excess power for use when needed."},{"question":"Can post your technology efficiency chart?","answer":"We'll be glad to provide additional details with an NDA. Simply email info@icarusrt.com and explain your request, and willingness to sign an NDA. We will provide one."},{"question":"I intend to make a prototype of an Organic Rankine Cycle generator retrofitted with refrigerator's components to improve electric energy output and at the same time replace a conventional solar water pond with insulated trapezoidal-prism shaped solar water troughs as thermal s...","answer":"Hi Charles - No, Icarus is an R\u0026amp;D company developing a solar plus storage technology that utilizes Organic Rankine Cycle for power conversion. We are raising money toward that end."},{"question":"Although this company looks promising, the valuation seems very high. What justifies 18.5m - 20m valuation with 0 revenue?","answer":"Hi Joe - Good question. Recently we have seen VC's invest in pre-commercial pre-revenue cleantech companies such as ours with $10-$20 million, producing valuations of $20-$40 million. Cleantech is a very hot market, and cleantech companies in the first year of revenue have valuations much higher. You will likely find (via quick search on VC trends in 2021 in Cleantech) very interesting and exciting results..."},{"question":"This is wrong. The investor name is Hreniuc Land,LLC. Grigore Hreniuc is the manager. If you can't fix the problem cancel my account and send me the refund. If you keep investor name Grigore Hreniuc do not invest the funds.","answer":"We worked through this via email. Thank you for your communication and patience."}]}}}