What happened to Tremont Electric/nPower PEG After the Shark Tank Pitch?
What is the Tremont Electric/nPower PEG?
Tremont Electric is a start-up based in Cleveland, Ohio that develops renewable energy solutions based on its unique nPower kinetic energy.
The company’s first product, the nPower PEG, is a portable generator that harnesses or “harvests” kinetic energy to charge electrical handheld devices.
The innovation was the world’s first human-powered gadget charger.
It captured the kinetic energy you create when walking, jogging, riding, or moving about, supplying you with 100 percent green electricity whenever you wanted it.
Who is the Founder of Tremont Electric/nPower PEG?
Aaron Lemieux developed the product in his Cleveland basement before transferring it to a retail location.
Aaron is a hiker who developed the nPower Peg while hiking the Appalachian Trail in the 1990s.
The patented device garnered honours from the Consumer Electronics Association as well as an Edison Award Silver Medal for Power Generation.
Lemieux, a mechanical engineer with manufacturing expertise, is overjoyed to be bringing renewable energy manufacturing jobs to Cleveland.
Tremont Electric, the parent company of nPower Peg, produces the device and aspires to produce commercial-grade kinetic generators.
What Happened to Tremont Electric/nPower PEG at the Shark Tank Pitch?
Aaron Lemieux appeared on Shark Tank in season 4 episode 22 in quest of a $2 million investment in return for a 22% stake in Tremont Electric, the manufacturer of the nPower Peg. This works out to a $9,090,909.09 valuation.
Lemieux demonstrates his “human-powered” charger, which absorbs kinetic energy while the user walks. He estimates that after 8 hours of normal usage, the average user may charge their phone to 20% capacity.
Lori notices Aaron has a slew of patents for the nPower peg and wonders what they all cover. Aaron claims that his patents cover the essential functionality of the peg, implying that no one else can build something equivalent.
Mark inquires about the sales of each nPower peg – each peg costs $199 and is mostly sold via Tremont Electric’s web store.
So far, they have sold around 1,100 units. Each unit costs roughly $110 to manufacture, making the nPower peg an expensive item.
Mark Cuban calls the business’s value into question, telling Lemieux that he must “sell me on where the company will be in 10-15 years.”
Lemieux then details a long-term plan to build “wave farms” in the ocean to create electricity “at a cost comparable to coal power.”
Mark Cuban likes the concept of the nPower Peg but isn’t convinced of its long-term viability. He’s no longer there.
Lori Greiner does not believe she is the best person to help him go to the next level. She’s no longer there.
Robert Herjavec likes the notion of reducing reliance on fossil fuels, but he doesn’t see a clear way from the nPower Peg’s small edition to widespread commercial acceptance. He’s no longer there.
Daymond John, like many others, does not feel he is the best person to aid Lemieux. “I’m just not excited about it,” he says as he walks away. Only Kevin O’Leary remains.
O’Leary is fascinated by the wave farm concept and would have invested in it before approaching GE to sell a license, but the $2 million price tag is a huge impediment. “It will cost me $2 million to work with you.” He’s no longer there.
Aaron’s start-up, Tremont Electric, is finally unable to find an investor.
What Happened to Tremont Electric/nPower PEG After the Shark Tank Pitch?
The company’s social media accounts have been deactivated, and all that remains is a crude website promoting the nPower Peg and another, similar product.
The Holy Grail of really affordable green energy looks to be out of reach for the time being, but entrepreneurs like Lemieux and others will keep looking and, maybe, one day find a method to save the globe.
Regrettably, he closed the company in 2016 and is now a paramedic at the Cleveland Clinic. In addition, he is pursuing an M.S. in Biomedical Engineering at Cleveland State University, which he hopes to finish in 2019.
Important note: LeMieux holds nine patents, the vast majority of which are related to electrical energy producers.
What is the Net Worth of Tremont Electric/nPower PEG?
Aaron Lemieux appeared on Shark Tank in season 4 episode 22 in quest of a $2 million investment in return for a 22% stake in Tremont Electric, the manufacturer of the nPower Peg. This works out to a $9.09 valuation.
Who are the Competitors of Tremont Electric/nPower PEG?
Tremont Electric/nPower PEG competitors include PRISMA DSA INDUSTRIES (INDIA) PVT LTD, Therm-x SVT, and Super Global Services Pty Ltd.
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Tremont Electric FAQS
What is the Tremont Electric/nPower PEG?
Tremont Electric is a start-up based in Cleveland, Ohio that develops renewable energy solutions based on its unique nPower kinetic energy.
The company’s first product, the nPower PEG, is a portable generator that harnesses or “harvests” kinetic energy to charge electrical handheld devices.
What happened to Tremont Electric/nPower PEG at the Shark Tank Pitch?
Tremont Electric appeared on Shark Tank in season 4 episode 22 in quest of a $2 million investment in return for a 22% stake in Tremont Electric, the manufacturer of the nPower Peg. This works out to a $9.09 million valuation.
Did Tremont Electric/nPower PEG get a deal on the Shark Tank?
No, all the Sharks declined to offer a deal to Tremont Electric.
What Happened to Tremont Electric/nPower PEG after the Shark Tank Pitch?
The company’s social media accounts have been deactivated, and all that remains is a crude website promoting the nPower Peg and another, similar product.
What is the Net Worth of Tremont Electric?
This business is no longer in business.
Who are the Competitors of Tremont Electric/nPower PEG?
The company’s competitors include Prisma DSA industries (India) PVT ltd, Therm-x SVT, and Super Global Services Pty Ltd.
Who was the founder of Tremont Electric/nPower PEG?
Aaron Lemieux was the founder of Tremont Electric.
When was nPower PEG aired on Shark Tank?
nPower PEG was shown on Shark Tank on April 26th, 2013.
What episode was Tremont Electric/nPower PEG featured?
The product was featured in episode 22 of Season 4.
Where was Tremont Electric/nPower PEG located?
Tremont Electric was located in Cleveland, Ohio.
