A few products seem to stand out whenever we’re talking about all the products that have been on Sharktank. One of the most recent ones is SparkCharge. Spark Charge is a charging station for electric vehicles. They first pitched the product in 2016. However, since then, the electric vehicles industry has become one of the most important markets in America and worldwide.
The thing that makes the product stand out is the fact that it’s a spare charging station for your electric vehicle. There are often problems in distinguishing how you’re going to charge your electric car for a long road trip, which inspired Josh Aviv and Chris Ellis to create the product Spark Charge. Spark Charge comes with two main modules which help it charge your car, so you’re not struggling to get to your destination. The two modules include a charger and a battery to store the charge.
Now that we know a little more about the product, we can look into how the Shark Tank pitch in season 11 went.
Electric vehicles are supposed to grow a fair bit in the next ten years. Much of that concerns the fact that fossil fuels are slowly depleting, and the world is heading towards the cataclysmic effects of climate change. The market will rise to $350 Billion by the year 2023. Aviv and Ellis wish to capitalize on the impact of this growing market as it climbs to the top.
They enter the tank asking for $1 million for 65% of their business. The duo begins by telling their story and how their product and operations work. They talk about the battery’s specifics, including how the charger weighs 20 pounds in battery and is nearly 50 pounds altogether. They talk about each module being 24 by 13 by 9 inches and how it supplies charge to the electric vehicles.
They further establish that they have a manufacturing facility in Buffalo and a creation lab in Boston to help them create better batteries to aid with the growth of the company. They also talked about the funding of $3.3 million they had received.
They showed a prototype of the charging station. The Sharks then asked if they had a customer device as of now, and they replied in the negative. The entrepreneurs said they wanted to sell to the roadside assistance companies, so consumers knew where to access the device. They then discuss the number and talk about how each unit costs them a total of $2500, and the customers would have access to the team by placing a monthly deposit of $1000 and a monthly fee. They want to grow their product line into having a consumer unit in the future, but as of now, they have 50 units deployed.
Kevin is the first to say that he doesn’t enjoy the leasing aspect of the business. He wants out. Blake is the next to pipe up, saying he doesn’t think the company would be able to deliver a product that costs less than $1000, which is why he’s out. Lori is a saving grace when she says she enjoys the concept and wants Mark to team up with her on this project. Mark turns the tables on the entrepreneurs and asks them to make the sharks an offer. They offer Mark and Lori $1000,000 for 10% equity share, 4% advisory shares, and a board seat. They seal the deal.
We know the deal is that it closed with Lori as it shows up on her website, but Mark likely didn’t follow through.
Our Review of Spark Charge Electric Car Charger.
There are pros and cons to every product that walks through the door. We have listed both the advantages and disadvantages of the Spark Charge.
Advantages of Spark Charge
- It’s convenient. If you ever get stuck in a place where there aren’t any charging stations, all you have to do is go down to a servicing station and get a Spark Charge module with you. You can charge your car and be on your way for the next part of your journey.
- It is affordable. You won’t have to pay too much for the module. Yes, there’s a deposit, but leasing the equipment means you don’t have to invest in it apart from making sure you have the money. You won’t have to worry about maintenance charges or anything of that sort.
- It is easy to use. All you need to do is connect the charger to your car port, and you can get enough charge to get you to your next charging station.
Disadvantages of Spark Charge
- No customer unit is available. Since there’s no customer unit available, the spark charge is not as reliable as it could be. If the closest servicing station near a broken-down car doesn’t have the Spark Charge module, it will cause significant stress for the customer.
- It can become obsolete. Electric cars are brilliant, so they would have indicators that inform the customer when they need to charge their vehicle so they don’t break down in the middle of the road. S
Who is Spark Charge For?
Spark Charge is for everyone who wants to have enough charge to last their road trip so that they’re not stranded. It’s an alternative solution for people who don’t want to have to worry constantly about their charges running out. Spark Charge is also safe and convenient, so you can always have a charge on the go.
Are There Any Alternatives?
There aren’t any effective alternatives to Spark Charge yet. However, much of this will have to do with the growing infrastructure around electric vehicles that minimizes the need for Spark Charge. There are companies like HEVO who are designing products that may compete so they’re the best alternative as of now.
Spark Charge is a great device which is why they ended up getting a deal. It’s convenient, and many people who are anxious about not having enough charge for their road trips are going to be very grateful for this alternative. However, the production line needs to expand to contain consumer units until this company can capitalize on this product.