Sparkcharge Shark Tank Net Worth
Sparkcharge Shark Tank Net Worth
SparkCharge, founded by Josh Aviv and Christopher Ellis, pitched their product Roadie on ABC‘s Shark Tank in 2020.
The company, which was valued at $16.7 million during the pitch after Lori’s investment, saw a decrease in their worth to $10 million in 2021.
As of January 2023, SparkCharge’s current worth is estimated at $186 million, with a firm valuation of between $124-186 million according to Dealroom.co estimates.
What is Sparkcharge?
Sparkcharge, a portable charging unit designed for electric vehicles, is exceptionally fast, providing 15 miles of range in just 15 minutes, which is eight times faster than traditional cable charging stations.
The creators of this EV accessory are Josh Aviv, a data scientist, and Chris Ellis, an electrical engineer from Somerville, Massachusetts. They have developed a portable charging unit that can provide an electric vehicle with approximately one mile of range for every minute it is charging. Additionally, they have created an app that connects customers with local service contractors.
Josh Aviv and Chris Ellis are the founders of Sparkcharge, which is the only manufacturer of a portable electric car charging station at present. As electric vehicles gain in popularity, many individuals are concerned about using them for long trips, but Sparkcharge is helping to address this issue.
By increasing charging power, people can get greater mileage out of their electric vehicles, similar to having a spare tire for your batteries.
The device is comprised of two modules: a charger and a battery. The charger weighs approximately 20 pounds, while the battery weighs around 50 pounds. Both modules are 24 by 13 by 9 inches in size and should fit in most trunks. Sparkcharge has a manufacturing plant in Buffalo and a research lab in Boston.
The company began with a million-dollar award from 43North, a Buffalo-based start-up incubator that organizes the world’s largest annual pitch competition.
The company’s manufacturing is expected to begin soon, with PJC, Revolution’s Rise of the Rest Venture Fund, PEAK6 Strategic Capital, M&T Bank, and Tale Venture Partners contributing $3.3 million in seed investment in April 2020.
While consumers can purchase and use the product, the company anticipates that governments, public utilities, and fleet operators will be significant clients as they transition to electric cars.
What Happened to Sparkcharge at Shark Tank pitch?
Aviv and Ellis are hoping that their presentation in the first episode of Season 12 of Shark Tank will impress the Sharks and convince them to join them on their journey to success. Josh and Chris appeared on Shark Tank seeking a $1 million investment for a 6% stake in their company, which was valued at $16.7 million.
During their pitch, they explained that they wanted to sell or lease their electric vehicle charging units to roadside assistance firms. Customers would pay a $1000 deposit and then make monthly payments of $2500 per unit. Although they did not have a consumer gadget at the time, they planned to release one in the future. Currently, they have 50 units deployed.
They highlighted that the electric vehicle market is expected to grow significantly, with California requiring the sale of internal combustion cars to cease by 2035. They believed that being on the ground floor of the charging side of the business would provide a lot of advantages.
After their pitch, Kevin decided to quit, while Blake was out because he did not believe they could provide a consumer device for less than $1000. However, Lori loved the idea and asked Mark to collaborate with her. They believed the company would be worth a billion dollars and offered $1,000,000 in exchange for a 10% ownership, 4% advisory shares, and a board position. The deal was accepted, and they left the pitch with a deal.
Since appearing on Shark Tank, Sparkcharge has announced a partnership with Allstate Insurance to expand their mobile charging service, The Roadie, which can be requested and paid for through an app. The service will begin in Chicago, Los Angeles, San Francisco, and San Diego.
They also teamed up with urgently, a roadside help provider, in July 2021, and had annual sales of $5 million as of December 2021. The company is listed on Lori’s website, but not on Mark’s, as he is on the board of directors and may not have updated his website yet.
Competitors of Sparkcharge
The top Competitors of Sparkcharge are; Elm, Carbon Lighthouse, Motivair, Dandelion Energy, Ubitricity, Solstice, Volta and Awesense.
Net Worth of Sparkcharge
The company was valued at $16.7 million during the pitch, after the investment done Lori the company valued at $10 million. In 2021 the company has a net worth of $7.14 million.
Sparkcharge FAQs
What is Sparkcharge?
Sparkcharge is a transportation accessory for electric vehicles. It is a portable, wireless charging device that uses carbon batteries to produce electricity.
Who is the founder?
Sparkcharge’s founders are data scientist Josh Aviv and electrical engineer Chris Ellis of Somerville, Massachusetts.
How much were asking on Shark Tank?
They asked for 1 million dollars for a 6% stake in their company, which is valued at $16.7 million.
Did they have the deal?
Yes, they have the deal from Lori and Mark.
How much was the deal?
They offered $1 million for 10% ownership of the company plus 4% advisory shares.
Is Sparkcharge still in business?
Yes, they still in business.
What is the address of Sparkcharge?
The address of Sparkcharge is: 24 Dane St, Somerville, MA 02143, USA.
Where can I find their products?
They sell their products on their website and sell in Amazon.
Who is the CEO?
The CEO is Josh Aviv.
Is Sparkcharge a franchise?
No, it is not a franchise.
What is their mission?
Their mission is to provide businesses and customers with a portable, wireless charging station for electric vehicle batteries that can be installed in minutes without the requirement of special tools or even an electrical grid.
What sparked the conception of Sparkcharge?
Its founders were interested in how people would charge their electric vehicles as they transitioned to greener transportation options.
How much does a Sparkcharge cost?
Sparkcharge claims that for as low as $25 a month, Charge Up will come to them and DC fast charge their EV wherever customer want it – at home, work, or wherever their vehicle is parked.
Sparkcharge is accessible in which countries?
Sparkcharge will first debut the new service in 12 locations, including New York, Chicago, San Diego, Dallas, Boston, Los Angeles, and San Francisco. Sparkcharge’s Boost EV Smartphone app allows EV users to arrange a charge to be delivered to their vehicles, according to an emailed statement from the company.
Is there EV charging at Disney Springs?
A number of Charge Point charging stations are now accessible in parking lots at Magic Kingdom park, Epcot, Disney’s Animal Kingdom theme park, and Disney Springs for customer convenience. Charge Point stations are also available in the Coronado Springs and Wilderness Lodge resorts.
When was Sparkcharge founded?
Sparkcharge was established in 2014 and is based in Boston, Massachusetts.
Who exactly is Joshua Aviv?
Joshua Aviv is the founder and CEO of Sparkcharge, a manufacturer of portable electric car chargers. He founded the company at Syracuse University and has since become a prominent player in the cleantech world.
What is the net worth of Josh Aviv?
The net worth of Josh Aviv is unknown.
