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.
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.
What is SolSource?
SolSource Sport is 75% lighter and is a 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.
With this lightweight solar cooker, you can cook on the go in a high-performance, on-the-go style, as it 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 water 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 is the result of our product development and research conducted in collaboration with local communities.
|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.|
History of Solsource
It all began in the Himalayas, where environmental difficulties increased tenfold due to the combustion of fossil fuels in Qinghai.
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 case of pollution affecting the air in Qinghai and discovered that it was caused by the excessive burning of biofuels and cow manure.
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 it 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 (Product was praised for its benefits in the Himalayas and 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 that operates without the use of 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?” to which 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 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 a sustainable life.
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 energy, finance, and health around the world.
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 all in annual revenue but has been dropping in recent years.
The company announced that it would Lunenburg cease production on January 1, 2020. The company extended a six-month window till June 2020 for customers to purchase their remaining inventory and after-sales services.
This business has ceased operations as of today.