Solsource Shark Tank Update | Why Did Solsource Go Out of Business?
What is SolSource?
SolSource is an outdoor grill that captures and concentrates solar rays for cooking.
The cookware attaches to the top of the SolSource, so there’s no need for charcoal or propane.
It can be used in all seasons, even in cloudy weather when other grills would not function.
Solsource is a solar energy company that was started in 2012 by Dr. Catlin Power. She had a goal of reducing dependence on fossil fuels and increasing sustainability.
Solsource provides high-quality, reliable solar panels to customers from all over the world.
With an experienced team who can help you with any size project, they are confident that they will be able to meet your needs whether it’s residential or commercial.
SolSource can be used anywhere there is sun – even indoors if you have enough light coming in through windows or skylights!
That means that no matter where your family lives, you can still enjoy healthy, delicious meals cooked using renewable resources!
Who invented SolSource?
SolSource is a solar-powered outdoor stove that cooks with the sun, water, and steam. It was invented by Dr. Catlin Power in 2012.
SolSource provides an environmentally friendly alternative to traditional cooking methods like using gas or electric stoves.
As many people are starting to become more concerned about their carbon footprint, Solsource offers an eco-friendly solution for the outdoors enthusiast who wants to cook without electricity or gas.
The stainless steel canister that sits atop SolSource stores enough heat during the day so you can have dinner ready after sunset even if it’s cloudy outside!
This means you’ll never have to worry about running out of fuel while camping away from civilization again! The stove also has a built-in windscreen which protects against gusts of wind.
SolSource in Shark Tank
SolSource is a company that came on the Shark Tank TV show (on Episode 22 of ABC Shark Tank) and made their pitch for Solsource.
Dr. Catlin Power came to seek an investment of $500,000 in exchange for 3% of her company (that’s a $16.6 million valuation)
The investors seemed very interested in this product. Particularly Mark Cuban. Mark Cuban agreed to invest $500,000 in exchange for 4% stock in SolSource(that’s a $12.5 million valuation), a solar cooker that captures solar energy at a 90% efficiency to fuel zero-emissions cooking.
SolSource is a solar oven that can cook anything with the sun. It was featured on Shark Tank and received $500,000 in funding to become a reality!
How Does SolSource Work
The SolSource Solar Oven is an innovative cooking device that harnesses the power of the sun to roast, bake or fry food while using 95% less energy than traditional methods.
The oven has been designed for use by campers, tailgaters, hikers, and families at home who want a healthy alternative to gas-powered grills.
Its lightweight design makes it easy for users to transport from one location to another without needing any fuel or electricity – just sunshine!
The sun’s rays are focused to a focal point by the parabolic reflector panels. It is 95 percent energy-efficient, portable, adaptable, and cost-effective for both affluent and low-income people around the world.
Grilling and baking temperatures of over 550°F can be attained in about five minutes, and water may be boiled in 10 minutes per liter.
SolSources are available for $249 for small size or $499 for the sports model, with 80% profits and direct sales.
What Happened to Solsource after Shark Tank?
SolSource solar cooker through the business One Earth Designs secured $500,000 from Mark Cuban on the prestigious ABC Shark Tank show in February 2018.
Since the Shark Tank episode aired in 2018, SolSource had made no major announcements.
All looked well until the Burlingame, California-based firm stated on its website late last year that it would “stop operations as of January 1, 2020.”
Customers can still purchase SolSource Solar Cookers from SIC in the United States and Asia, as well as Solar Brothers in Europe.
SolSource has ceased operations as of today.
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.