Tremont Electric Update | Season 4
Aaron Lemieux has invented a way to charge devices via kinetic energy. Will his solution to renewable energy earn him a deal on
Shark Tank Tremont Electric Update
- Entrepreneur: Aaron Lemieux
- Business: Kinetic energy harvesting company
- Ask: $2,000,000 for 22% equity
- Result: No deal
- Shark: None
Aaron intended to blow the sharks’ minds with his company, Tremont Electric. His award-winning product, the nPower Peg, harvested kinetic energy and used it to power mobile devices on the go. Customers could now charge their phones and other devices simply by walking.
Lori Greiner asked for some clarification, including how long the nPower Peg could hold a charge and what the patents Aaron had on display protected. Aaron confirmed that the nPower Peg charged by harvesting kinetic energy from movement. It included a generator inside, that constantly recharged the nPower Peg. The patents protected virtually all of the basic operating principles.
Robert Herjavec asked how much charge he could expect to receive if he carried the nPower Peg in his backpack or briefcase for eight hours. Aaron said, depending on how briskly Robert walks, it could provide up to 20% battery life.
Daymond John asked if the product was intended for everyday people, or those who do not have access to standard charging means like hikers, boaters, and more. Aaron answered that they were marketing the product to those with a “compelling need” for on-the-go charging, so more toward hikers, boaters, and adventurers of other kinds.
Mark Cuban asked about the science behind the nPower Peg. Aaron explained that the kinetic energy harvesting is due in part to the Faraday effect, and a generator that utilizes a magnet passing through an induction coil. Mark then asked about sales, learning the nPower Peg retailed for $199, and had sold 1,300 units, exclusively online.
Robert asked about the cost, learning it cost $110 to create the nPower Peg. Aaron explained that the device was mostly created to provide proof of concept for the technology. With this in mind, Mark asked what the ultimate goal of Tremont Electric was. Where did Aaron foresee his company in ten or fifteen years?
That’s when Aaron pivoted the presentation, showing a graphic that illustrated how the technology used in the nPower Peg could be used in the ocean to harvest kinetic energy from waves. Tremont Electrics long-term goal would be to use the motion of the ocean to create clean energy and replace coal-fired and other harmful methods of producing energy.
Kevin O’Leary asked how the energy generated from ocean waves compared to wind and solar. Aaron said it was comparable, and that the cost was comparable to coal-fired power too.
Kevin said there were three main turbine companies that he was aware of. He asked if Aaron had pitched the product to them, but then scolded Aaron before he could answer. Kevin said the nPower Peg was “crap” compared to the big picture of innovating clean renewable energy.
Mark agreed, asking why Aaron was bothering with “that Shake Weight” when the water application was much bigger. Aaron said he needed to generate revenue in order to move toward the bigger goal. Mark said that Aaron’s presentation cost him Mark’s interest and, had he illustrated how nPower Peg was lucrative and mentioned the plan to harness the ocean later, Mark might have been interested. Because Mark didn’t like the presentation and felt the valuation was absurd, he was out first.
Lori was next. She told Aaron he was brilliant, and that she truly hoped he found a way to bring his vision to light. Unfortunately, she felt she was not the right person to come aboard and, for that reason, she was out.
Robert said the only thing he worried about more than the amount of debt in America was America’s energy consumption. Was kinetic energy harvesting from the ocean’s waves the solution? Robert couldn’t say, but he wasn’t sold either. For that reason, he was out next.
Daymond agreed that Aaron was a smart guy, but felt he personally could provide no value for Tremont Electric. Plus, he wasn’t excited about the product or company. For these reasons, Daymond was out.
This left only Mr. Wonderful, but what he had to say was less than wonderful. Kevin thought the proof of concept might be there, but the legwork to scale the company and get the technology out there on a massive scale was going to be monumental. He was insulted that Aaron was essentially asking for $2 million, just so Kevin could wind up working for him instead of the other way around.
Aaron replied, “Sounds like America to me,” but Kevin retorted, “Sounds like you made a mistake.” Because he was not interested in giving Aaron $2 million only to then do the “heavy-lifting,” Kevin was out and the pitch was over.
How did Aaron fare after the tank? Did his solution for renewable energy take off? Keep reading our Tremont Electric update to find out!
Our update is a short one. Aaron kept working toward his vision for a number of years after the tank, but sales never quite took off. Sadly, he failed to secure contracts for the technology with major energy suppliers. In 2016, Tremont Electric went out of business and Aaron became a paramedic. This will be our final Tremont Electric update.
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