And land Mark Cuban and Lori Greiner in the process
SparkCharge, makers of the Roadie mobile EV charging system was featured on the season premiere of the hit ABC show, Shark Tank last light, and came away with a million-dollar investment.
And the good news doesn't end there. Co-founders Joshua Aviv and Christopher Ellis landed not one, but two sharks, as Mark Cuban and Lori Greiner teamed up for the $1,000,000 offer.
In return Cuban and Greiner will each get a 7% stake (5% + 2% advisory shares) in the company as well as a seat on the Board of Directors.
SparkCharge is now fully charged to take over the world - SparkCharge Co-founder, Christopher Ellis
SparkCharge just recently unveiled the 20 kW Roadie portable DC fast EV charging system. It's the 2nd generation of their scaleable EV fast charger designed primarily for roadside assistance service. However, during the show, it was revealed that the team is also working on a smaller, less expensive unit that would be consumer-focused. We suspect that this new consumer product is still in the early development stage as the company has been focusing on the Roadie system first.
SparkCharge plans to lease the Roadie systems to roadside service providers and said during the show that AAA is already a customer. Customers in need of a charge will use an app developed by SparkCharge that will put them in touch with the nearest Roadie service provider. The app is called BoostEV and will be available for public download in a couple of weeks.
"Being on Shark Tank is every entrepreneur's dream. We couldn't be happier to have partners like Mark Cuban and Lori Greiner, we are truly grateful to have such great minds on our side, we're super excited about the future. This success means a lot to our company, but really means even more for the electric vehicle industry. EVs are on prime time, they are no longer a novelty, they are mainstream. The world is changing, and we're ready to lead that charge." - Joshua Aviv, Co-founder SparkCharge
SparkCharge's Roadie service is currently available in Richmond, VA, Chicago, IL, Boston, MA, Dallas, Houston and San Antonio, TX, Washington, DC, San Francisco, Los Angelos, and San Diego, CA as well as in Manchester, UK, with more markets coming soon.
The Roadie is a scalable, modular charging system that uses 3.7 kWh battery modules. The system is scalable and can accommodate up to 5 modules that simply stack up on top of each other for a total of 18.5 kWh. SparkCharge estimates that the usable system capacity of 17.5 kWh is good enough to provide 60 to 75 miles of range.
Gallery: SparkCharge on Shark Tank
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The million-dollar investment, along with the power of having Mark Cuban and Lori Greiner on the team will certainly give SparkCharge a huge boost. However, it appeared as though Cuban and Greiner were the only sharks interested.
Before Aviv and Ellis could even begin discussing their business plan Daymond John announced that since he doesn't know anything about the product that he's out. Kevin O'Leary, aka Mr. Wonderful, didn't seem too interested either, and once the deal with Cuban and Greiner was secure announced "I thought the chances of you guys getting a deal was zero".
However, O'Leary was wrong, and Aviv and Ellis walked away with a million-dollar investment and two very influential partners that can help open doors, lower manufacturing costs, and possibly provide additional capital in the future if needed.
For more information on SparkCharge's Roadie mobile charging system, check out our previous article on the company's progress and business plan.
Did Cuban and Greiner make a good deal, or will SparkCharge run out of juice? Let us know your thoughts in the comment section below.