Josh Aviv first got thinking about Spark Charge in the 1990’s while attending Syracuse University. He knew he wanted to solve a problem and when one of his professors suggested electric vehicle charging, Josh was intrigued. They spoke about the topic for hours. This led Josh to develop a plan to install charging stations along the New York State Throughway. While developing the plan, he got the idea for portable charging stations.
Fast forward to 2017 when Josh met Chris Ellis and Richard Whitney. These three co-founded Spark Charge and things started happening. They envision emergency road service companies who would otherwise tow a vehicle would be great customers. If someone runs out of juice, they can charge them on the spot instead of towing to a remote location. People could also theoretically call a tow company up for a charge if they don’t have access to a charging station.
Initially, the company wants to focus on B2B sales, but consumer units could roll out in the future. They have over $3 million in venture capital seed money and they claim service providers are knocking down the door to get their hands on their chargers. Spark Charge is also working electric vehicle manufacturers, large utility companies and government entities. They’re getting a deal together with California, but it’s been delayed due to the pandemic. The company plans to announce more partnerships later this year. They’re hoping a Shark gets a charge out of this idea and comes along for the ride.
My Take on Spark Charge
I don’t own an electric vehicle, but I have driven a Tesla. They are definitely the wave of the future. The state of California will ban the sale of internal combustion engines in 2035 and the market will likely grow for electric vehicles organically. While I may not ever own one, many will and companies like Spark Charge will benefit.
Basically, the product is like having a tow driver bring you a few gallons of gas so you can get to the next station. It fits the way people use emergency road services now, it’s just that the “fuel” that is different. While I may never call for a mobile charge, I can clearly see the value of the product.
Will Sharks Get a Charge Out of this?
The Sharks are smart enough to see the ingenuity of this product. They also know that electric vehicle sales will top $800 billion by 2027. Currently, there are about 1.3 million electric vehicles on the road in the USA. The market potential is huge, but the Sharks want more than potential, they want sales. They’ll want to know more about the partnerships Josh and Chris are creating.
Another problem that could squelch a deal is the $3.3 million in seed capital. Whenever a company comes in the Tanks with other investors in the background, they’re often reluctant to lower their valuation to appease the Sharks. While I think the Sharks will like the product,the numbers will have to be right if Josh and Chris want a deal.
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