When the new solar cooker SolSource was shown on the famous TV show Shark Tank, it got much attention.
This new device uses solar energy to provide a sustainable way to cook, which is why it is trendy with people who care about the environment and with people who might want to invest in it.
Its time on Shark Tank showed how much more people are aware of and want eco-friendly products that meet the needs of the rising number of people who want to lower their carbon footprint.
SolSource Net Worth in 2024
SolSource, the solar cooker developed by One Earth Designs, is no longer in operation as of 2020. The company, founded by Dr. Catlin Powers, gained attention after appearing on “Shark Tank” in 2018, where it secured a $500,000 investment from Mark Cuban for a 4% equity stake.
At that time, the business had reported sales exceeding $1.3 million and was projected to reach $500,000 in additional sales by the end of 2017, as per reports of Shark tank recap. However, despite initial success, One Earth Designs ceased operations on January 1, 2020, citing challenges that led to the decision to stop production and sales of SolSource products.
The company indicated that it would continue its nonprofit efforts focused on solar technology but would no longer operate as a consumer business. Given this context, SolSource does not have a net worth in 2024, as the company has been defunct since 2020.
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Did Shark Tank help SolSource make a deal?
To get a 3% stake in her company SolSource, Dr. Catlin Powers asked for $500,000. She started the business in the Himalayas, but she had to move to the United States because of problems with her race. Mark Cuban didn’t like that the company was going to focus only on solar-powered grills.
He asked Catlin if the business could put the solar skins on cars. After getting a good answer, Mark Cuban finished the deal for $500,000, which got him a board seat and 4% of the company’s stock.
Conclusion
The sharks thought SolSource was a great business in which to put their money. It was different from other companies on the market because its technology was better. The pitch was great, but Catlin’s business goals were overwhelmed by how smart she was at technology.
She was so different from a businesswoman that Barbara called her a scientist. Mark Cuban believed Catlin could solve technology problems and asked her if they could put solar technology in cars.
He bought Solsource for $500,000. This gave him 4% of the company and a seat on the board.
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