Tremont Electric and the nPower Peg Before Shark Tank
Aaron LeMieux is the founder of Tremont Electric, and has come to the Shark Tank to seek an investment of a (shocking) $2 million in exchange for 22% equity in his company. Mobile electronics, Aaron starts, seem to be more prevalent in our lives these days; they have one fatal flaw, however. The battery seems to run out whenever we need them the most. However, with the nPower battery, Aaron has found a way to harness the energy that is all around them. Tremont Electric has created the nPower peg as the world’s first human-powered charger for mobile electronic devices.
Tremont Electric and the nPower Peg On Shark Tank
The nPower peg takes your mobile walking motion and turns it into the power that you need – simply place the peg in your bag and go about your day. The peg stores power for when you need it the most, which is when you are out of power and far away from a wall outlet. Robert is the first to ask for a sample, and Lori also asks for an interesting clarification on how the product works – the energy is constantly generated from being in motion, as the peg will never generate a charge while sitting still. One of the most interesting features of the product, Aaron explains, is that the peg has a kinetic generator built inside of it, which means that the peg is always continually generating energy for the battery.
Lori points out that she sees that Aaron has a lot of patents filed for the nPower peg, and asks what they all cover. Aaron explains that his patents cover the basic operating features of the peg, which means that nobody else can do anything similar. Robert is still lost and asks for more clarification – he places it in his backpack or briefcase, but then how much power does he have after 8 hours of walking? Depending on how mobile you are, the nPower peg may only be able to store up to about a 20% recharge in your phone.
Daymond then asks who the nPower peg is for – is it for the everyday person, or people who are frequently out in nature like hikers and boaters, or people who are in a position where they really may need energy? The first target market, Aaron explains, is for people who need to have mobile power when and wherever they may need it. Mark asks about the science behind the nPower peg, which Aaron explains is basic kinetic energy harvesting – they use a common law of thermodynamics, which is a magnetic passing through an induction coil to generate electric charge.
Mark asks about the sales of each nPower peg – each peg is sold for $199, and they have been primarily sold through the web store of Tremont Electric. So far, they have sold about 1,100 units. Each unit costs about $110 to make, which means that the nPower peg is an expensive gadget. Aaron claims that the peg is a proof-of-concept so far and they have found that there is indeed a market out there. However, for a $2 million investment, Mark feels that he needs to be sold on an idea that will revolutionize the world instead of just a back-up battery that goes onto your phone.
Aaron, however, has far grander plans to change the world. He pulls up an image which contains a diagram of some future aquatic product, and explains that the reason they have such an extensive patent portfolio under the Tremont Electric name, and why they have a device that shows a proof-of-concept, is because the same technology can apply to coastal mass energy generators in the water. These can be put in the ocean to harness the power of waves, which means that everything from walking to the ocean waves will help to generate energy; so far, they have the proof of concept that the basic human walking motion will indeed generate usable power. The exact same technology will power the same concept but with waves.
Kevin asks an interesting question – is this type of power generation comparable to wind, or is it even better than solar? The ocean generation is comparable to wind, and should be far more powerful than solar, should Tremont Electric be able to produce a wave farm. The price would be comparable to pro-fire power, meaning nuclear energy. However, Kevin feels that there are already 3 or 4 big companies that are doing a similar concept, and as an investor ultimately looking to make a profit, he feels the best use of the technology would be to go and license off the patents that have been filed. The nPower peg is crap, compared to the grand scheme of things.
Mark also agrees, and he asks why Aaron has not gone to the water and begun to work things in the water to really plant his roots down. Aaron explains that he has a company and product so far, and Mark catches on and explains that he is trying to create a stream of revenue in order to accomplish his grander plans. The reality is, Aaron and Tremont Electric have only sold 1,100 nPower Pegs, at $199 a piece, which means that he has generated $30,000 off them. This is commendable for an operating business, but for a business that hopes to turn itself into a multi-front company, Mark is just not biting. Aaron is relying too much on his grand plan to get the Sharks on board, but as an investor, Mark is out.
Lori feels that Aaron is brilliant and wishes for his vision to come true, but ultimately, she is a product expert and not a person who can help bring his engineering vision to a global scale. Lori is out of the deal, as well. Robert steps up and admits that the only thing he is worried about more than the debt of America is the consumption of energy, or global warming – something has to change. There needs to be new technologies and ways to create it, and Aaron could have found something as part of the answer. Robert, however, is unsure, since he cannot make a connection between the nPower peg and Aaron’s grand vision for generating power based off the waves of the ocean. Robert is out of the deal, as well.
However, Aaron explains that before you can run and walk, you need to learn to crawl, and there are other applications in the pipeline that are opening up various channels of revenue, like the military application – being able to reduce the battery weight of soldiers by 25% thanks to harvesting power that already exists on the battlefield. Daymond also feels that Aaron is a smart guy behind Tremont Electric, but ultimately, he is not the guy to properly invest in the company and help to bring it to a global scale. Daymond is also out, leaving Kevin as the last Shark in the deal.
Kevin’s biggest concern, he begins to explain, is that Aaron has only proven the concept – whether or not this is a successful retail product is irrelevant since the major prize is the ocean energy. However, if there is some proof that the energy is the equivalent of nuclear energy, the kinetic energy is the better solution. Kevin would have liked to buy a piece of the company and bring it to General Electric, but the reality is that Kevin would need to shell out $2 million in order for a piece of the puzzle. After obtaining this piece of the puzzle, Kevin would still have to do a lot of work for the company and do a lot of the legwork, so unfortunately, Kevin is also out of the deal, as he also feels that Aaron and Tremont Electric are just not in a spot where he can make his money back as an investor.
Aaron ultimately does not find an investment in his company, Tremont Electric.
Tremont Electric and the nPower Peg Now in 2018 – The After Shark Tank Update
Tremont Electric has expanded its product line beyond the sole nPower Peg, which now also includes a solar charger and a hand crank USB charger. Most of these products have been paired with the American Red Cross foundation, which is a foundation that is noteworthy for their constant blood drives and public health efforts. The Tremont Electric site is a bit dated, but the products are listed for sale on there. The Portable Solar Charger is available on Amazon for the low price of $27.99, which is marked down from the huge asking price of $79.99, while the portable hand crank USB charger is available for the lower price of $13.49. Both of these products are licensed through Tremont Electric and nPower, but are not directly produced or sold under the Tremont Electric name.