SolSource Shark Tank Update – SolSource net worth

On Shark Tank Season 9 Episode 22, Dr. Catlin Powers brings an energy-efficient product for BBQ lovers. SolSource has a solid range of solar-powered grills that prevent the toxic fuel remnants from depositing on the food. 

SolSource had relocated its business from the Himalayas to America. The owner needs funds to finance her working capital and expert advice from the sharks. Did Dr. Catlin convince and get a deal? Find out in our SolSource Shark Tank Update.

SolSource net worth

Dr. Catlin Powers had demanded $500,000 for 3% of the equity share. The grossed-up valuation of the equity roughly makes $17 million. However, Mark Cuban offered the same sum for 5% of equity, which lowered the valuation to $10 million. 

This high equity valuation is eyebrow-raising but understandable for a technology-oriented company. The net worth figure is not precise, based on the valuation of the company owners and the sharks assessed.

Did SolSource get a deal on Shark Tank?

Dr. Catlin Powers asked for $500,000 for a 3% share in the equity of her company SolSource. She had founded the company in the Himalayas but relocated to America due to ethnic issues. 

Mark Cuban did not like the company’s vision of focusing only on solar-powered grills. He asked Catlin if the company could install the solar skins on cars. After a positive response, Mark Cuban closed the deal at $500,000 for 4% of equity share and a board seat.

Shark(s)OfferDemandCounteroffer Accepted?
Mark Cuban $500,0005% of equity 4% of equity and a board seatYes
Barbara Corcoran N/AN/AN/AN/A
Robert Herjavec N/AN/AN/AN/A
Lori Greiner N/AN/AN/AN/A
Rohan Oza N/AN/AN/AN/A

SolSource Shark Tank Update 

solsource shark tank deal

SolSource products

SolSource is a technology-oriented company founded by Dr. Catlin Powers, who holds degrees in chemistry and environmental health. The company initially operated in the Himalayas but, due to ethnic issues, relocated to the USA.

SolSource sells solar-powered grills for BBQ lovers. These grills prevent smoke exposure and ingestion of cancerous chemicals. The products save energy, time, and money. The company is available on Amazon and sells products on its official website. However, sharks had reservations about the limited vision of Catlin. The exact issues are discussed later in the update.

SolSource Shark Tank Founder

solsource founder on shark tank

Dr. Catlin Powers had degrees in chemistry and environmental health. She did her doctorate from Harvard University and went to the Himalayas 10 years ago for a scientific research project. A local family invited her to their house, but the air was ten times more polluted than Beijing (a densely populated metropolitan city). 

Catlin researched and found out that deaths caused by smoke exposure are higher than AIDs and Malaria combined. After knowing that 4.3 million people die every year due to smoke, Catlin could not continue her project. She worked with nomadic families to find a solution. Hence, the SolSource was founded. 

Pitch and initial presentation

Dr Catlin Powers entered the Shark Tank with a wide smile. After introducing herself confidently, she started with the fun Americans had grilling food on a long summer day. She agreed with the over-reliance on fuel and emphasized its cons for the consumers. She went on to explain the cost, portability, and time factors. 

Catlin had a solution for the BBQ lovers as she presented Sharks with SolSource. It was a grill powered 100% by the sun. She claimed that it was fast, durable, and powerful. SolSource had a ‘Sport’ model, which was light and portable. Catlin further explained that SolSource saves money, time, and energy. 

Discussion on the pitch

Robert Herjavec was the first to explore the product by questioning how much sun was enough to cook and the time required to heat the panel. Catlin explained that SolSource could cook wherever the user could see their shadow. She said the heat efficiency is five times more than a typical charcoal grill.

Mark Cuban entered the discussion by calling himself a grilly-challenged person. He asked if SolSource had a gauge available to assess temperature. Catlin told Mark that the company did not integrate the grills with a gauge. However, the users could attach gauges as an add-on. 

Lori Greiner wanted to know how the heat intensity was controlled since the device lacked switches. However, Catlin assured the users they could cover the reflectors to lower the intensity or add more to cook faster. Rohan Oza inquired about the price. Catlin said that the standard SolSource grill costs $499 while the Sport model costs $249. The company earned 80% margins per unit. She told the sharks about her background. We have explained it above.

Barbara Corcoran asked about the sales figures. Catlin answered that SolSource earned $1.3 million in sales. However, last year’s sales were only $100,000. Upon inquiry, she explained that SolSource had started business in the Himalayas, relying on barter transactions to sell products. However, the company had to relocate its operations to the USA due to ethnic issues and military lockdown. SolSource sold products in America through its official website and Amazon.

Robert asked for the sales figures at which the company would close the year. Catlin said she was confident she would make $500,000 in sales by the end of the year. She insisted that the SolSource Sport model was developed last month and had a great response from the market (the features are mentioned later in the update). She also disclosed the plan to launch a solar battery enabling cooking at night. However, Mark was displeased by Catlin’s limited vision.

Negotiation and final deal 

Lori Greiner said that the product was brilliant and that Catlin was a risk-taker, which she liked about the pitch. However, being taste and smell-oriented, BBQ lovers would never prefer solar grills over charcoal ones. She opted out. Robert Herjavec applauded Catlin for her courageous decisions to grow SolSource. He loved the tech portion, but grills did not add to it. Robert also opted out. 

Catlin tried convincing Robert, but Barbara Corcoran felt frustrated with her immediate responses. Barbara called Catlin a robot (in the wrong way). She opted out due to the high valuation. Rohan Oza said the real deal for him was the solar batteries and other ventures Catlin discussed later in the pitch. However, he had many questions, so he also opted out. 

Mark Cuban asked Catlin if SolSource could integrate its technology into cars. Catlin answered that developing solar skins could make it possible. Mark offered SolSource $500,000 for 5% of the equity share. Catlin countered it with $500,000 for 4% of equity and a board seat. He agreed, and they closed a deal. 

Challenges and motivations

Dr. Catlin Powers had grand ambitions to reduce smoke exposure in households. SolSource did promising business in the Himalayas, where it adapted barter transactions to penetrate the market. Customers had no cash, so SolSource accepted agricultural goods as consideration for their products. 

The company even delivered grills on horses, yaks, and motorbikes to reach every household. However, the growth halted when ethnic issues arose. The army lockdowns resulted in a loss of $4 per unit. Dr. Catlin took the hardest decision of her life and relocated her business to America. Here, she sold products through her official website and Amazon. 

SolSource availability

SolSource sells solar-powered grills and other related equipment to make the planet pollution-free. The company’s flagship product is the SolSource Grill System, which costs around $499. It is powerful enough to reach 500 degrees Fahrenheit in a few seconds. It cooks meals in less than 10 minutes and can be connected to a gauge for precision. However, the company has not integrated the SolSource Grill System with a gauge. 

Just a month before the pitch, the company had launched the SolSource Sport model to make solar grilling more portable. It is available online for $249 and is lightweight. It has new reflectors that are 92% more efficient. The company has utility patents for design and material. Its extraordinarily compact two-feet carrying case is capable of winning customers. SolSource had a solar battery system in its pipeline to make cooking possible at night. 

The SolSource products are available on the official website and on Amazon. Any American family can purchase them since the price is better than that of most competitors. Its unique portable design is ideal for travelers. SolSource is a revolutionary product for healthy and energy-efficient cooking. The market has a lot of space for solar appliances.

Conclusion

SolSource was an excellent venture for the sharks to consider investing their funds. It had superior technology that set it apart from other companies on the market. The pitch was great, but Catlin’s technological brilliance overshadowed her ambitions as a businesswoman.

Barbara even called her a scientist instead of a businesswoman. Mark Cuban trusted Catlin’s ability to crack the technological problems and asked her if they could install solar technology into cars. He saw something big in Solsource and closed the deal at $500,000 for 4% equity and a board seat.

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