Joshua Aviv and Christopher Ellis say that electric vehicles are the future. They believe that they’re better for the environment, and that they will soon be everywhere. With range anxiety a common issue among consumers, they’ve created a product to solve this problem. Will they spark a deal on
Shark Tank SparkCharge Update
- Entrepreneurs: Joshua Aviv and Christopher Ellis
- Business: Portable battery for electric vehicles
- Ask: $1,000,000 for 6% equity
- Result: $1,000,000 for 10% equity and 4% advisory shares
- Shark: Mark Cuban and Lori Greiner
Joshua and Christopher brought their company SparkCharge to
Now, EV drivers don’t have to worry about when and where they get their next charge. They can just bring their Roadie along with them!
As the founders further explained to the sharks, SparkCharge leases the batteries to companies like AAA, in order to market to its customers. This business model is mostly due to the high cost of production, as one unit costs $2,500 to make.
Joshua and Christopher then lease a unit to a company for a $1,000 deposit, and a $150 a month fee going forward. This means that it will take 12 months to break even.
While the sharks disagree with the business model, they were impressed that SparkCharge has made $500,000 in sales over the last 6 months, and is on track to make $1,000,000 in sales by the end of 2020.
Daymond John was the first shark to drop out, stating that he didn’t know anything about this industry. Kevin O’Leary wasn’t a fan of the leasing model, so he was out next.
Guest shark Blake Mycoskie was next to go out. He found it hard to believe that the company would be able to deliver a consumer unit for an affordable price.
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Three sharks are out, but it wasn’t over for the entrepreneurs. Mark Cuban and Lori Greiner are both interested and decide to go into a deal together.
They offered $1,000,000 for 10% equity, and 4% advisory shares, and Joshua and Christopher accepted the deal!
What happened next? Keep reading our SparkCharge update to find out!
We have good news to share in our SparkCharge update! A few years after airing on
The SparkCharge website lists their Roadie product but states that it is only for purchase by registered businesses. They appear to work with several different industries, supplying their EV charging units.
With electric vehicles picking up steam in the years since SparkCharge appeared on
If we get more info, we will be sure to let you know in our next SparkCharge update.
Would you like to learn about the other companies featured on Season 12 Episode 1? Follow the links below!
For even more on companies and products, be sure to stop by our Season 12 products page!
Andrew Smith is the founder and owner of Shark Tank Recap. He is a longtime Shark Tank fan that has been watching it for years and has seen every episode multiple times. His friends know him as the Shark Tank expert, because he can answer any question about the show! His favorite Shark Tank products are Bertello's pizza oven and Bug Bite Thing!