Solsource Grill Net Worth 2023 | Solsource Shark Tank Update
What is SolSource Grill?
SolSource is a solar-powered outdoor grill that uses the sun’s rays to cook food, eliminating the need for charcoal or propane.
The company, founded in 2012, aims to promote sustainability by reducing dependence on fossil fuels. In addition to the grill, they also offer a range of solar panel solutions for residential and commercial clients.
Their team of experts can assist with projects of any size and location, even indoors if sufficient natural light is available, making it possible to cook with renewable energy in any location.
Who invented SolSource?
SolSource is a stove that utilizes solar power, water, and steam for cooking, invented in 2012 by Dr. Catlin Power as a more environmentally-friendly option compared to traditional gas or electric methods.
It is designed for outdoor enthusiasts who want to cook without electricity or gas, while reducing their carbon footprint.
The stove has a stainless steel canister that can store heat during the day, allowing for dinner to be ready after sunset, even on cloudy days.
It also has a built-in windscreen that protects the flame from wind gusts, so users can enjoy a hot meal while camping without worrying about fuel.
On Episode 22 of the ABC Shark Tank program, Mark Cuban chose to invest $500,000 in return for a 3% stake in SolSource, a solar cooker with a 90% efficiency rate in harnessing solar energy to fuel zero-emissions cooking.
SolSource Grill in Shark Tank
SolSource, a company founded by Dr. Catlin Power, presented their solar cooker product on the television show Shark Tank in Season 9, Episode 22. They were seeking an investment of $500,000 in exchange for 3% ownership.
SolSource received an investment of $500,000 for a 4% equity in the company from Mark Cuban, reducing the valuation to $12.5 million.
How Does SolSource Work
The SolSource Solar Oven is an efficient cooking appliance that utilizes solar power to roast, bake, or fry food while consuming 95% less energy than conventional methods.
It is ideal for outdoor enthusiasts, and can be easily transported and used in any location without the need for fuel or electricity.
The oven can achieve grilling and baking temperatures of over 550°F in just five minutes and can boil water in 10 minutes per liter.
It is available for purchase at $249 for the small size or $499 for the sports model with 80% of the profits going towards direct sales.
What Happened to Solsource after Shark Tank?
One Earth Designs, the maker of the SolSource solar cooker, secured $500,000 from Mark Cuban on Shark Tank in February 2018.
However, the company announced it would shut down operations on January 1, 2020. Before its closure, SolSource experienced significant success and generated over 10 million USD in sales.
Despite this, SolSource Solar Cookers can still be obtained from SIC in the US and Asia and Solar Brothers in Europe.
Solsource Grill Net Worth
Solsource approached Shark Tank in search of an investment of $500,000 in exchange for 3% equity, with a valuation of $16.67 million (Net worth).
However, they ultimately struck a deal with Mark Cuban for $500,000 in exchange for 4% equity, reducing Solsource’s valuation to $12.5 million. As of 2023, the net worth of Solsource is unknown, as the company is no longer in operation.
What is SolSource?
SolSource is a solar cooker that can be used anywhere in the world! It was invented by Dr. Catlin Power.
The design features a parabolic reflector that concentrates heat onto cooking pots or pans placed on top.
You don’t need any electricity or gas, so it’s great for people with limited resources. All you have to do is put your food in the pot and place it under the sun!
The invention has been featured on many TV shows like Shark Tank, Everyday Edisons, and more!
Solsource was featured on Season 3 of Shark Tank, on ABC in an episode aired on February 18, 2018.
SolSource was featured on the Netflix show ‘The Perfect Meal’. American chef Jason Wilson cooked with SolSource oven alongside chef Alex Chong of Leo Lowensteins Restaurant Group at Leo Lowensteins Restaurant Group’s Leos in San Francisco. The episode aired on October 30th, 2017.
As solar power becomes more recognized as a way to bring power to remote areas, there are more solar power devices being introduced.
SolSource is one of the latest advances in solar energy. SolSource, which is sold to raise awareness about the global shortage of power, is a portable device that is portable, foldable, and solar powered.
The device is made of durable, reflective, insulated fabric with a wire rack inside, which allows for different fan speeds to cook food.
Though the devices are still relatively expensive at around $290, they are meant to be donated to communities in desperate need of power.
SolSource is one of the first folding-grill solar cookers that was first debuted on the ABC show Shark Tank.
Who is the Founder of SolSource?
Dr. Catlin Ishihara Powers is the founder and CEO of SolSource, which was founded in 2012 and was originally based in California.
She graduated from Wellesley College with a bachelor’s degree in chemistry and a master’s degree in environmental studies before going on to Harvard for her Ph.D. in environmental health.
She owns two solar patents, has served on the boards of directors of different social change organizations, and has been recognized for her environmental work with numerous awards.
The eco-engineer came up with the idea of Solsource after 54 prototypes to help Himalayan peasants cook in sandstorms and sub-zero temperatures while staying away from harmful yak dung fires.
During this period, she also invented a water-carrying backpack.
She co-founded Solsource with MIT grad Scot Frank after a successful Kickstarter campaign collected $143,000.
How much did Mark Cuban invested in Solsource?
Mark had initially proposed a 5% stake in the company, but the entrepreneur was able to persuade him to accept 4% and a board position instead.
Initially, Solsource was valued at $16,600,000, but it was lowered to “only” $12,500,000 after being reduced by $4,000,000 (1 percent).
Did Mark Cuban make money on Solsource?
Mark Cuban is an American entrepreneur and billionaire who has founded numerous companies.
He is best known for his role as the owner of the Dallas Mavericks, but he also owns Magnolia Pictures, Landmark Theaters, and AXS TV.
He made headlines when he invested in Solsource, a solar energy company based out of California.
Cuban is often heard stating “I would never invest in something I don’t understand.” This comment sparked many people’s interest because if Cuban did indeed make back his invested money in renewable sources of energy.
If Mark Cuban did not make money on this investment then maybe other billionaires should pay attention to what they are investing their money into!
How is SolSource made?
The SolSource solar oven super-insulates the inside of the box, which captures all of the heat that is collected by the solar panels.
It has an outer cover on it that blocks any possible light from getting in or out. The outside is made of lightweight aluminum.
How does it work?
Solsource can cook anything with the sun! Solar energy absorbs through the glass and is focused by a parabolic mirror.
How much does Solsource Cost?
The Solsource is available in two sizes, with the little grill costing $249 and the large grill costing $499.
Dr. Catlin Power indicated that the company’s margins can be as high as 80% when marketed directly to consumers.
Solsource is expected to make as much as $500,000 in sales by the end of the year.
Can I use it in winter?
Absolutely, SolSource is made to work with the sun’s rays no matter what season or weather condition. It can be used either indoors or outdoors.
What foods can I cook with it?
Foods like rice, vegetables, pastas, and meat can be cooked in Solsource solar ovens.
Where can I find a SolSource dealer?
SIC Solar USA is a distributor of SolSource products in the US and Asia, as well as Solar Brother in Europe. SolSource are also available in Amazon
Why did Solsource go out of business?
SolSource is an active solar cooking system that is popular among many.
However, the founder of SolSource recently announcing that the product has been discontinued.
The reason could be that business was not profitable and the company took a big hit in 2020. Again, many other competitors in the market reduced the market share.
They had also run into some patent issues with the solar oven box they used which kept them from being able to continue production.
What is a parabolic solar cooker?
In order to generate heat for cooking, parabolic solar cookers employ a parabolic-shaped reflector that directs sunlight to a narrow region.
They can attain high temperatures of up to 350 °C (662 °F), allowing them to be used for grilling and frying.