Solsource Grill Update | Shark Tank Season 9
Solsource was featured on
Shark Tank Solsource Update
- Entrepreneurs: Catlin Powers
- Business: Solar Powered Grill
- Ask: $500,000 for 3% equity
- Result: $500,000 for 4% equity
- Sharks: Mark Cuban
Solsource is a unique solar-powered grill that can reach high temperatures above 500 degrees Fahrenheit in seconds and cook a full meal in a matter of minutes. There is also a portable solar-powered grill that can easily be transported to just about any location that receives exposure to sunlight.
If there’s enough sunlight to see your shadow, the solar-power grill can be powered purely by sunlight, according to Catlin. She claimed that her solar-powered grill from Solsource heats up several times quicker than a traditional grill.
The smaller portable version of the solar-powered grill is sold at a price point of $300 while the larger system is sold for $500 per grill. The company’s gross margins are about 80% when the company sells directly to customers.
The sharks wanted to learn about Solsource’s sales numbers, but they were confused when they realized that Catlin had more than $1 million in lifetime sales and had only generated $100,000 in the previous calendar year.
Several of the sharks were impressed, but most of them could not find enough confidence in the company to make an investment. Lori Greiner decided to drop out and Robert Herjavec quickly followed as well. Most of the other sharks also dropped out, but Mark Cuban decided to make an offer of $500,000 in exchange for 4% equity. Catlin accepted Mark’s offer since it was her only option remaining.
Our Solsource update may be shocking to some people because it appears that the company shut down in the 2020 calendar year. The unique solar-powered grill was one of Mark Cuban’s largest investments on
It looks like this is going to be our final Solsource update.
You can find the other company updates from Season 9 Episode 22 here:
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