SparkCharge

sparkchargeJosh Aviv and Chris Ellis  pitch SparkCharge, their business that seeks the “democratization of energy,” in the season twelve Shark Tank premier. The pair co-founded the company with Richard Whitney (who doesn’t appear on the show) in 2016. Their product is a portable charging station for electric vehicles. They are the only company that currently manufactures such a device.

Electric vehicles are growing in popularity, but many people have anxiety about taking them on longer trips. SparkCharge helps solve that problem. With extra charging power, people will get more miles out of their electric vehicles. It’s like having a spare tire for your battery. The device consists of modules: a charger module and a battery module. The charger weighs in at about 20 pounds and the battery is nearly 50 pounds. Each module is 24 by 13 by 9 inches, so it should be able to fit in most trunks.

They have a manufacturing facility in Buffalo and a lab in Boston. SparkCharge got started with a million dollar prize from 43North, a start-up incubator in Buffalo that hosts the world’s largest annual pitch competition. The company should begin production soon. They just received $3.3 million in seed funding in April 2020 from PJC, Revolution’s Rise of the Rest Seed Fund, PEAK6 Strategic Capital, M&T Bank, and Tale Venture Partners, While consumers can buy and use them, they expect municipalities, public utilities and fleet operators to be big customers as they make the shift to electric vehicles.

Will they get an investment?

Electric vehicles are projected to be a $350 billion market by the year 2023. With California calling for a halt to the sale of internal combustion vehicles by 2035, the electric vehicle market is huge. Being on the ground floor of the charging side of the business has tremendous upside. Aviv and Ellis hope the Sharks get a charge out of their presentation and join them on their ride to success.

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SparkCharge Shark Tank Recap

Josh and Chris will pitch the panel of five Sharks on the business and its prospects for growth. They’ll need to convince Mark Cuban, Kevin O’Leary, Lori Greiner, Daymond John and guest Shark Blake Mycoskie. that the company is worthy of a Shark investment. A good business plan, good financials, and sales data will impress the Sharks, but they’ll need to show them THEY are capable of running the company to “Shark standards.” A full pitch re-cap on SparkCharge will be available on Shark Tank Blog once this episode airs.

SparkCharge Shark Tank Update

The Shark Tank Blog constantly provides updates and follow-ups about entrepreneurs who have appeared on the Shark Tank TV show. Once an episode has aired, we monitor the progress of the businesses featured, whether they receive funding or not and report on their progress. The Shark Tank Blog will follow-up on SparkCharge & Josh Aviv and Chris Ellis as more details become available.

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