Tremont Electric/nPower PEG Shark Tank Update/ Tremont Electric/nPower PEG after the Shark Tank Pitch
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 created the product in his basement in Cleveland before relocating it to a retail site.
Aaron is a hiker who came up with the idea for the nPower Peg while trekking the Appalachian Trail in the 1990s.
The patented gadget received Consumer Electronics Association accolades as well as an Edison Award Silver Medal for Power Generation.
Lemieux is a mechanical engineer with a manufacturing experience who is thrilled to be bringing renewable energy manufacturing employment to Cleveland.
Tremont Electric, the parent business of nPower Peg, manufactures the gadget and has aspirations for commercial grade kinetic generators.
What happen to Tremont Electric/nPower PEG at the Shark Tank Pitch?
Aaron Lemieux appeared on Shark Tank 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.
Lemieux shows off his “human-powered” charger, which captures kinetic energy as the user walks about. He believes that the typical user can charge their phone to 20% capacity in 8 hours of normal usage.
Lori observes that Aaron has a plethora of patents for the nPower peg and inquires as to what they all cover. Aaron says that his patents cover the peg’s core functioning capabilities, which implies that no one else can produce anything comparable.
Mark inquires about the sales of each nPower peg — each peg costs $199 and is largely sold through Tremont Electric’s web store.
So far, they have sold around 1,100 units. Each unit costs around $110 to produce, making the nPower peg a costly device.
Mark Cuban questions the firm’s valuation, telling Lemieux that he must “sell me on where the company will be in 10-15 years.”
Lemieux then outlines a long-term plan to construct “wave farms” in the ocean to generate electricity “on a pricing scale equivalent to coal power.”
Mark Cuban loves the idea of the nPower Peg, but isn’t sold on the long-term strategy. He’s gone.
Lori Greiner does not feel she is the ideal person to assist him in progressing to the next stage. She’s gone.
Robert Herjavec admires the idea of lessening dependency on fossil fuels, but he doesn’t see a clear path from the nPower Peg’s tiny edition to worldwide market adoption. He’s gone.
Daymond John, too, does not believe he is the ideal person to assist Lemieux. “I’m simply not enthused about it,” he adds as he walks away. Only Kevin O’Leary is left.
O’Leary is intrigued by the wave farm concept and would have invested in it and took it to GE to sell a license, but the $2 million value is a major roadblock. “Working with you will cost me $2 million.” He’s gone.
Aaron is finally unable to secure an investor for his start-up, Tremont Electric.
Tremont Electric/nPower PEG after the Shark Tank Pitch
The company’s social media has gone silent, and all that remains is a primitive website hawking the nPower Peg and another, similar product.
The holy grail of really inexpensive, green energy appears to be out of reach for the time being, but entrepreneurs like Lemieux and others will continue the search and, perhaps, one day, find a way to rescue the planet.
Regrettably, he closed the firm in 2016 and currently works as 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.
Nota bene: LeMieux is the owner of nine patents, the majority of which are linked to electrical energy generators.
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.