Shark Tank: SparkCharge Accepts $1,000,000 From Mark Cuban and Lori Greiner

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With more accessibility to green vehicle options, the sales of electric vehicles are on the rise in the US. With growing sales, there is also a growth of range anxiety among these vehicle owners. Range anxiety is the fear of running out of electric charge in your vehicle without the means to recharge and get back on the road. Although many gas stations and hotels are equipping themselves with charging stations, electric vehicle owners must plan all of their travel according to where they are able to spend some time and recharge. Unlike the accessibility of refueling, recharging stations are less prevalent and can create quite a headache for EV owners. To combat this anxiety, Joshua Aviv and Christopher Ellis have created the world’s first portable, modular, ultra-fast EV charger, the Roadie.

Josh and Chris have come to the Shark Tank in hopes of securing a $1,000,000 investment from the Sharks in exchange for a 6% equity share in their company, SparkCharge. The Sharks like that this innovative technology is customizable for the customer’s specifications. The Roadie can charge vehicles any time, anywhere, and make any location a charging station, preventing the stress of range anxiety. While the Sharks really like the product idea, they don’t like that SparkCharge does not sell their product to end-users. Currently, their model works as a product lease to OEM’s and roadside assistance companies. In the future, they would like to develop a smaller, consumer product but they are not yet ready to launch into that market. They need a Shark to help them reduce their costs so that they can get the price point for consumers into a range that would be feasible for the average EV user to keep on hand.

SparkCharge is predicting $1,000,000 in sales this year, which does not match their valuation. In order to make that type of investment, Mark Cuban and Lori Greiner decide to partner and extend a deal to SparkCharge. Through negotiations, Lori, Mike, Josh, and Chris agree to a partnership. Mark and Lori will invest $1,000,000 for 10% equity share, 4% advisory shares, and a board seat.

Do you think that this was a wise investment for Mark and Lori? If you were a Shark would you have invested in SparkCharge? Start the conversation in the comments below.

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