Tremont Electric/nPower PEG Shark Tank Net Worth 2023
In season 4 episode 22 of the popular television show Shark Tank, Aaron Lemieux, the founder of Tremont Electric, made an appearance in hopes of securing a $2 million investment for his company.
During his appearance on the show, Aaron Lemieux offered a deal to the Sharks, proposing to give them 22 percent ownership of Tremont Electric in exchange for the $2 million investment he was seeking. This meant that the company was valued at a whopping $9,090,909.09.
Tremont Electric is a firm that specializes in manufacturing a unique product called the nPower Peg. The nPower Peg is a portable charger that generates power through motion, such as walking or running.
The Sharks were given the opportunity to invest in this innovative and potentially profitable product, which could revolutionize the way we generate and use electricity.
What is Tremont Electric/nPower PEG?
Tremont Electric is a Cleveland, Ohio-based start-up that creates renewable energy products using proprietary nPower kinetic energy.
nPower PEG, the company’s initial product, is a portable generator that harnesses or “harvests” kinetic energy to charge electrical handheld gadgets.
The invention was introduced as the world’s first human-powered device charger.
It harnessed the kinetic energy you generate when walking, running, biking, or moving about, providing you with 100 percent green electricity anytime you needed it.
Who is Tremont Electric/nPower PEG’s founder?
Aaron Lemieux originally created the nPower Peg product in his Cleveland basement before eventually relocating it to a retail site.
Lemieux is an avid hiker who first came up with the concept for the product while trekking the Appalachian Trail during the 1990s.
The nPower Peg, a patented device that generates power, has been recognized with accolades from the Consumer Electronics Association and an Edison Award Silver Medal for Power Generation.
Lemieux, a mechanical engineer with experience in manufacturing, is thrilled to be creating new employment opportunities for renewable energy manufacturing in Cleveland.
Tremont Electric, the parent company of nPower Peg, is responsible for manufacturing the device and has plans to produce commercial-grade kinetic generators in the future.
Tremont Electric/nPower PEG Shark Tank Pitch
During season 4 episode 22 of Shark Tank, Aaron Lemieux pitched his company, Tremont Electric, in hopes of securing a $2 million investment for a 22% ownership stake.
Tremont Electric is the manufacturer of the nPower Peg, a “human-powered” charger that captures kinetic energy from walking to charge devices.
Lemieux claimed that a typical user could charge their phone to 20% capacity with 8 hours of normal usage. The valuation of the company was set at $9,090,909.09.
Lori Greiner noted the numerous patents held by Lemieux for the nPower Peg and asked about their coverage. Lemieux stated that they covered the device’s core capabilities, which prevented similar devices from being produced.
Mark Cuban asked about the sales of the nPower Peg, which was priced at $199 per unit and mostly sold through Tremont Electric’s web store.
Lemieux revealed that they had sold approximately 1,100 units, but the cost of producing each unit was around $110, making the device costly.
Cuban was skeptical about the company’s valuation and asked for a long-term plan. Lemieux responded with a plan to construct “wave farms” in the ocean to generate electricity on a large scale, comparable to coal power.
Despite Cuban’s interest in the nPower Peg, he was unconvinced about the long-term strategy and declined to invest. Greiner, Herjavec, and John also declined to invest, citing various reasons.
Only Kevin O’Leary remained interested in the wave farm concept but was deterred by the $2 million investment required.
Ultimately, Lemieux was unable to secure an investment and the company closed in 2016. Today, Lemieux works as a paramedic and is pursuing an M.S. in Biomedical Engineering at Cleveland State University.
He owns nine patents related to electrical energy generators. Although the nPower Peg and Tremont Electric did not succeed, entrepreneurs like Lemieux continue to search for ways to provide inexpensive and sustainable energy for the future.
Tremont Electric/nPower PEG Net Worth
Aaron Lemieux appeared on Shark Tank in season 4 episode 22 in search of a $2 million investment in exchange for 22 percent ownership of his firm, Tremont Electric, which manufactures the nPower Peg. This equates to a $9,090,909.09 valuation.
Tremont Electric/nPower PEG Competitors
PRISMA DSA INDUSTRIES (INDIA) PVT LTD, Therm-x SVT and Super Global Services Pty Ltd are some competitors of Tremont Electric.
Tremont Electric/nPower PEG FAQS
What is Tremont Electric/nPower PEG?
Tremont Electric is a Cleveland, Ohio-based start-up that creates renewable energy products using proprietary nPower kinectic energy.
nPower PEG, the company’s initial product, is a portable generator that harnesses or “harvests” kinectic energy to charge electrical handheld gadgets.
Who founded Tremont Electric/nPower PEG?
Aaron Lemieux is the founder of Tremont Electric.
How much was he seeking in the Shark Tank?
$2 million in exchange for 22% ownership of his firm, Tremont Electric, which manufactures the nPower Peg. This equates to a $9,090,909.09 valuation.
Did he get the deal from the Sharks?
He did not get the deal from the Sharks.
Is Tremont Electric/nPower PEG still in business?
Tremont Electric is no more.
When was nPower PEG aired on Shark Tank?
nPower PEG was shown on Shark Tank on April 26th, 2013.
What episode was Tremont Electric/nPower PEG featured?
The product was featured in episode 22 of Season 4.
Where was Tremont Electric/nPower PEG located?
Tremont Electric was located in Cleveland, Ohio.
How was the nPower PEG functioning?
The nPower PEG was the first gadget to capture passive kinetic energy. It saves the energy they generate by walking about every day in a lithium-ion battery, which can subsequently be utilized to power over 3000 different gadgets.
When was Tremont Electric/nPower PEG founded?
It was founded in 2002.
How much was nPower PEG cost?
Each nPower PEG was sell for $199 and cost $110 to make.
How much is Tremont Electric/nPower PEG worth?
At the Shark Tank, Tremont Electric worth was at $9,090,909.09.
Where is nPower PEG now?
The product has been discontinued.
Where is Aaron LeMieux now?
Aaron LeMieux is a paramedic at the Cleveland Clinic. He is also working on an M.S. in Biomedical Engineering at Cleveland State University, which he expects to complete in 2019
What is the net worth of Aaron LeMieux?
Aaron LeMieux’s net worth is unavailable.
