What Happened to Sparkcharge After Shark Tank?
What is Sparkcharge?
Sparkcharge is a portable, high-speed charging device for electric vehicles (EVs). It can charge for 15 miles in 15 minutes, which is eight times faster than typical cable charging stations.
Data scientist Josh Aviv and electrical engineer Chris Ellis of Somerville, Massachusetts designed the EV accessories.
They created a portable charging unit that can provide an electric car with approximately one mile of range for every minute it is charging. They’ve also developed an app that links users with local service providers.
Who founded Sparkcharge?
Sparkcharge was founded in Somerville, Massachusetts by data scientist Josh Aviv and electrical engineer Chris Ellis.
Their product is a portable charging station for electric vehicles. At the time, they are the lone maker of such a device.
Although electric vehicles are becoming increasingly popular, many people are anxious about driving them on long trips. Sparkcharge contributes to the resolution of this problem.
If charging power is enhanced, people will get more miles out of their electric vehicles. It’s like to having a spare tire for your battery.
The device is composed of two modules: a charger and a battery. The charger weighs around 20 pounds, while the battery weighs approximately 50 pounds. Each module is 24 by 13 by 9 inches and should fit in the majority of trunks.
They have a factory in Buffalo and a research facility in Boston. Sparkcharge started with a million-dollar grant from 43North, a Buffalo-based start-up incubator that hosts the world’s largest annual pitch competition.
Manufacturing for the firm should begin soon. In April 2020, PJC, Revolution’s Rise of the Rest Venture Fund, PEAK6 Strategic Capital, M&T Bank, and Tale Venture Partners provided $3.3 million in seed funding.
While consumers may buy and use them, they expect governments, public utilities, and fleet operators to be important clients as they migrate to electric vehicles.
What Happened to Sparkcharge’s pitch on Shark Tank?
Aviv and Ellis are hoping that the Sharks will be energized by their presentation in episode 1 of Season 12 of Sparkcharge on Shark Tank and will join them on their quest to success.
Josh and Chris entered the Shark Tank, seeking $1 million in exchange for a 6% ownership in their firm, which worth $16.7 million.
They tell their story and make their case. There is a model on stage. The Sharks were interested whether they have a consumer gadget, which they do not.
They want to sell or lease their automobiles to companies that provide roadside assistance. Customers pay a $1000 deposit and then make monthly payments on each $2500 unit.
They do plan to launch a consumer product in the future. They presently have 50 troops on the ground.
They estimate that the sector will be worth $350 billion by 2023. With California mandating that all internal combustion engine vehicles be phased out by 2035, the electric vehicle market is vast.
Being on the bottom level of the charging side of the business has several benefits.
Kevin despises the firm’s leasing division and has chosen to leave.
Blake went out because he does not feel they can produce a consumer product for less than $1000.
Lori likes the concept and asks Mark if he will work with her on it. They estimate that the company will be worth a billion dollars.
Mark demands that the Sparkcharge folks make them an offer in a role reversal.
They make an offer of $1,000,000 to Mark and Lori in return for 10% ownership, 4% advisory shares, and a board member; they agree and leave the pitch with a deal.
What Happened to Sparkcharge After Shark Tank?
At least with Lori, the deal was finalized when the entrepreneurs appeared on the Shark Tank TV show and walked away with a deal.
Her website lists the company, while Mark’s does not. Mark, on the other hand, is on the board of directors, so maybe all he needs to do is update his webpage!
The company announced a deal with Allstate Insurance in March 2021 to extend The Roadie, a mobile charging service that can be ordered and paid for via a new app.
It will start in Chicago, and then go on to Los Angeles, San Francisco, and San Diego. Aviv believes The Roadie will create new opportunities for small business owners to offer charging services.
The Roadie will hit the market in June 2021. In July 2021, they partnered with urgently, an up-and-coming roadside assistance company. As of December 2021, yearly revenues were $5 million.
Sparkcharge’s main competitors include Elm, Carbon Lighthouse, Motivair, Dandelion Energy, Ubitricity, Solstice, Volta, and Awesense.
Sparkcharge’s Net Worth
During the pitch, the firm was valued at $16.7 million; following Lori’s investment, the company was valued at $10 million. The company has a net worth of $7.14 million.
How does Sparkcharge work?
The charging unit plugs into any standard household outlet. The battery unit can be charged for six hours, or with a charging station, 15 minutes. While using the portable charger, a car will get approximately one mile per minute of charge.
What are some advantages of the Sparkcharge?
The firm’s main advantage at this point is that there is no other device on the market like it that can top-off an electric vehicle in less than 30 minutes.
What is Sparkcharge made of?
The unit is made of aluminum, steel, and other materials. Its base is composed of anodized aluminum. It weighs approximately 50 pounds, while the battery weighs approximately 17 pounds. The shipping container also comes with wheels and a handle.
What is the warranty?
The Sparkcharge comes with a two-year warranty during which time any defect will be covered by the manufacturer’s warranty.
What are the company’s plans for the future?
Aviv plans to integrate the system into other forms of transportation, like boats and RVs. He hopes to expand internationally.
What are the materials used to make Sparkcharge?
The charging system is composed of metal and plastic.
What are the four main costs?
The cost of development, the cost of shipping, the cost of labor, and the cost of manufacturing.
How much money has been invested in Sparkcharge?
In April 2020, PJC, Revolution’s Rise of the Rest Venture Fund, PEAK6 Strategic Capital, M&T Bank, and Tale Venture Partners provided $3.
Is Sparkcharge safe to use?
All the components of the charging station should be safe to use. It contains an aluminum pole, which could break from excessive pressure.
It also contains plastic parts made of polycarbonate to protect against water and pressure. Such devices should not be used in an area where water is present, as it could make a hazard out of any such material.
Is the Sparkcharge waterproof?
No, but it is sealed for storage and transportation.
Is Sparkcharge durable?
Yes, the product is composed of aluminum and polycarbonate, making it extremely durable.
Is the Sparkcharge safe to use by children?
No, the charging station should not be used by children. It may be dangerous for children or pets to come into contact with it.
How long does it take to charge a car?
The portable battery can top-off a vehicle in as little as six hours if there is all-important electricity on site.
What is Sparkcharge return policy?
If the unit is damaged due to a manufacturing defect, the unit will be returned in its original packaging. If there is a need to return it in another way, that is at the discretion of the company.
How much weight can one Sparkcharge hold?
It can hold up to 550 pounds, but that requires its use with an additional pole arm. For some reason, it cannot hold more than 550 pounds if the pole arm is not used with the unit.
What are the two types of chargers?
The portable is designed to charge a car, while the wall-mountable is designed to charge a car and another device like a laptop at the same time.