How could a solar cooker become a multimillion-dollar enterprise? This endeavor is being assisted by companies such as One Earth Designs and Shark Tank.
SolSource is a revolutionary invention that appeared on ABC’s Shark Tank in 2018. Since then, it has gained recognition as an innovative tool that makes cooking easier and more convenient while protecting the environment.
This product is designed to be both a stove and an oven. It combines traditional solar energy with a reflective parabolic surface to create intense heat that can be used for everything from frying eggs to baking bread.
As the user rotates the SolSource, they can move the sun-like light onto any spot within their kitchen space and instantly begin cooking their meal. This eliminates much of the time and resources associated with traditional gas or electric stoves, such as waiting for gas burners to heat up or preheating an oven before cooking something.
Consumers have praised SolSource for its practicality and environmental benefits. The mission of One Earth Design is to bring environmental and social improvements to the world by creating multi-disciplined, self-motivated employees.
The team consists of scientists, practical minds, and creative designers. Shark Tank is a reality show focused on investing in and locating the top businesses in America.
One of the co-founders of One Earth Designs, Caitlin Powers, founded Solsource in January 2008. The idea came from Scott Frank, although Solsource is essentially a partnership between Powers and Frank.
SolSource gained significant attention after being featured on an episode of the TV show Shark Tank in 2018. The creators pitched their innovative solar cooker to the Sharks, seeking investment to help scale their product and reach a broader market.
While SolSource did not secure a deal on Shark Tank, the exposure from the show helped increase awareness of the product, and the company has continued to focus on providing sustainable and clean energy solutions.
One Earth Designs has expanded its product lineup to include other solar-powered products, such as the SolSource Sport, a more compact and portable version of the original solar cooker, accessories, and tools for efficient solar cooking.
What is SolSource?
SolSource is a solar cooker that harnesses the power of sunlight to cook food or boil water without needing electricity, gas, or other fuels. It was developed by One Earth Designs, a company founded by Dr. Catlin Powers and Scot Frank.
SolSource mission is to create sustainable and clean energy solutions that are accessible and affordable for people worldwide.
The SolSource solar cooker is designed with a parabolic mirror that concentrates sunlight onto a specific focal point, generating intense heat. This heat can be used for grilling, boiling, steaming, and frying various types of food.
The device is portable, easy to assemble, and does not produce harmful emissions, making it an environmentally friendly alternative to traditional cooking methods.
SolSource Sport is a 75% lighter, highly efficient, compact, solar-powered stove. In addition to being pollution-free and cost-effective, it is ideal for outdoor activities, disaster relief, and rural families experiencing fuel poverty and pollution.
SolSource lightweight solar cooker can cook in a high-performance, on-the-go style, which heats up quickly after installation.
Solar cookers like the SolSource Classic are the best on the market. Its unique design allows users to capture sunlight to grill, pan-fry, slow cook, and boil water.
Due to the tremendous heat generated, you can quickly boil or heat a large amount of water for residential use. The advanced self-healing polymer maximizes the solar reflector’s performance and ensures longevity over a long period of use.
This results from our product development and research in collaboration with local communities.
|Entrepreneur||Dr. Catlin Power|
|Investment Asking For||$500,000 for a 3% equity in SolSource|
|Final Deal||$500,000 for a 4% equity in SolSource|
|Episode||Season 9 Episode 20|
|Business Status||Out Of Business|
Features of SolSource
|Key Features of Solsource|
|Efficiency of Solsource||Photovoltaic panels of comparable size are 5x less energy efficient with an efficiency rating of 92%.|
|Durability of Solsource||Self-healing and 3D formable reflector for everyday use|
|Versatility of Solsource||Camping / outdoor cookware compatible|
|Power||Instant heat of 200°C/400°F|
|Safety||Reflectors generate no heat|
|Ease to Use||The solar cooker should be aligned with the sun using the aligning mirror|
|Portability||Approximately 10 pounds in weight. It folds up into a small footprint.|
SolSource Before Shark Tank
It all began in the Himalayas, where environmental difficulties increased tenfold due to Qinghai’s combustion of fossil fuels. This was the environmental threat to which the team desired to respond.
The million-dollar notion of developing a world-class selling product, SolSource, a solar-powered grill capable of cooking at exceptionally high temperatures and without smoke.
” The BBQ on the weekend must have a smokey flavor.” Was Lori Greiner’s introductory remark sufficient to dissuade shark tank company investors from investing in this idea?
The attempts did not end there; the co-founder of One Earth Designs embarked on an adventure to ascertain the facts behind the pollution affecting the air in Qinghai and discovered that the excessive burning of biofuels and cow manure caused it.
She took the initiative to effect change by locating sustainable energy sources such as solar energy. Another engineering teacher, Scott Frank, took care of the marvel, who had launched an engineering course at Qinghai University.
Scott Frank began his engineering program in Beijing, intending to migrate to Qinghai eventually. The million-dollar concept was acknowledged and received numerous accolades, including:
- In addition, MIT presented the Yunus challenge in 2009.
- An UN-backed award for sustainable development (The product was praised for its benefits in the Himalayas and for reducing deforestation and toxic air in homes).
Solsource met entrepreneurship on the way to becoming a successful company. According to a Harvard article, the team used an unusual method to fund the development of its solar cooker. They set a goal of 43,000 and exceeded it by 100,000.
What was Next?
Caitlin Powers’ plan began to take shape at this point, and she agreed to contribute $500,000 in exchange for a 3 to 5% stake in Solsource. Solsource is a 90 percent efficient solar cooker without charcoal or gas.
One Earth Designs co-founder Caitlin Powers went to the shark tank for a $500,000 investment, and Mark Cuban asked her, “Do you think we can drive Elon Musk out of business with fear?” She replied, “Yes, I believe we can.”
It led to a lucrative transaction with Mark Cuban in which he invested 500,000 in exchange for a 4% stake and a board seat.
The bad effect on Tesla’s wealthy founder – Elon Musk – was that he resigned as Chairman of Tesla and reached a settlement with the SEC.
In addition, he shuttered a significant portion of the Solar City sales network and severed ties with Home Depot, which accounted for half of his sales.
Finally, on Friday, September 28, Tesla’s shares fell 14% and finished at $ 263.24. As of today, Solsource has ceased production as of 1st January 2020, as stated in a letter to clients.
The remaining stock is available to purchase solar cookers through SIC in America and Asia and Solar Brothers in Europe.
Additionally, the organization has demonstrated that it will continue to have a global social influence through humanitarian programs and the evolution of solar thermal technologies.
How Was the Shark Tank Pitch of SolSource?
The Shark Tank pitch of SolSource, presented by co-founders Dr. Catlin Powers and Scot Frank, occurred during Season 9, Episode 23, aired on February 25, 2018. They entered the tank seeking a $500,000 investment in exchange for a 3% equity stake in their company, One Earth Designs.
During the pitch, Catlin and Scot demonstrated the capabilities of the SolSource solar cooker, explaining how it uses a parabolic mirror to concentrate sunlight and generate intense heat for cooking.
They highlighted their product’s environmental benefits, cost savings, and versatility, which can be used for grilling, boiling, steaming, and frying various types of food.
The Sharks were impressed by the SolSource concept and its performance during the demonstration. However, they had concerns about the company’s valuation, which was around $16.7 million based on the 3% equity stake offered for a $500,000 investment.
Some Sharks also expressed doubts about the business’s scalability and the product’s mass-market appeal, given its price point and the need for consistent sunlight.
During their pitch in Season 9, Episode 23, co-founders Dr. Catlin Powers and Scot Frank convinced Mark Cuban of the potential of their SolSource solar cooker.
Mark Cuban offered them $500,000 for a 5% equity stake in their company, One Earth Designs, and a $1 royalty for each unit sold until he recouped his initial investment of $500,000. The co-founders accepted the deal.
Securing a deal with Mark Cuban provided SolSource with financial support and valuable mentorship and guidance from an experienced entrepreneur. With Mark Cuban’s involvement, the company was able to refine its marketing strategy, expand its product line, and reach a broader audience.
The partnership has helped SolSource continue its mission to provide customers with sustainable, clean energy solutions worldwide.
The exposure from the show helped raise awareness of SolSource and One Earth Designs, and the company has continued to develop and market its solar cooking solutions.
The feedback from the Sharks likely provided valuable insights that could be used to refine their business strategy and improve their product offerings.
What Happened To SolSource After Shark Tank?
After securing a deal with Mark Cuban on Shark Tank, SolSource and One Earth Designs gained valuable financial support, mentorship, and guidance from the experienced entrepreneur.
This partnership helped the company to refine its marketing strategy, expand its product line, and reach a broader audience, allowing SolSource to continue its mission to provide sustainable, clean energy solutions to customers worldwide.
Following their appearance on the show, the company introduced the SolSource Sport, a more compact and portable version of the original SolSource solar cooker, targeting camping enthusiasts and others who enjoy outdoor activities.
They also released accessories and tools to enhance the solar cooking experience, such as specialized cookware and reflector upgrades.
The exposure from Shark Tank, combined with the support from Mark Cuban, has helped SolSource increase its brand recognition and carve out a niche among environmentally conscious consumers.
The company’s products have received positive reviews for their performance, design, and contribution to sustainable living.
One Earth Designs continues to work on further innovations in clean energy solutions and remains dedicated to positively impacting both the environment and people’s lives.
Although specific details on the company’s current revenue and growth are not publicly available, the company maintains an active presence in the sustainable energy market, and its products continue to be available for purchase through its website and select retailers.
How Does Solsource Make Money?
Almost every firm relies heavily on its finances. Therefore, let’s take a closer look at the revenue model of One Earth Designs, the parent company of Solsource, as described in the annual report.
The valuation of Solsource has decreased from $11.8 to $8.2 million. One Earth Designs creates solar energy technology and products to help people live sustainably.
Investors in Solsource
- VilCap investments are the name of the investor.
- VC investment company VilCap looks for, trains, and funds entrepreneurs.
- Investments in peer-selected companies in the world’s energy, finance, and health.
One Earth Designs’ investments
|Angel (Individual)||Not Disclosed||13th Feb 2018|
|Early-stage VC||Not Disclosed||03rd Nov 2016|
|Grant||$644K||23rd Sep 2010|
Competitor analysis of Solsource
|Analysis||One Earth Designs||RECOM||Upsolar Group||Nanosolar|
|Tags||Manufacturing and Industrial||Manufacturing and Industrial||Manufacturing and Industrial||Manufacturing and Industrial|
|Annual Revenue||1-10 Million||100 million||$494,668||$3,100,000|
Is Solsource Profitable?
While SolSource was profitable compared to Nanosolar and Upsolar, RECOM outperformed them in annual revenue but has been dropping recently.
The company announced that it would Lunenburg cease production on January 1, 2020. SolSource extended a six-month window till June 2020 for customers to purchase their remaining inventory and after-sales services.
SolSource business has ceased operations as of today.
Is SolSource Still in Business?
SolSource ceased its operation and went out of business in 2020.
What Is the Net Worth of SolSource?
The valuation of SolSource was $16.67 million when it appeared on Shark Tank. The net worth of SolSource is unknown as of 2023 since the company went out of business in 2020.