SYRACUSE N.Y. (WSYR-TV) — SparkCharge, founded by a group of Syracuse University and OCC grads, is still working out the details of their deal from ABC’s Shark Tank.
The company was on the season premiere of the hit TV show Friday night and was awarded an investment deal.
The company has created a fast and portable charging device available anywhere, anytime for users of electric vehicles who run out of charge.
The fact they still don’t have the deal with the investors — “sharks” Mark Cuban and Lori Greiner — finalized yet they say is not a worry.
“The deal is still being worked on, and that’s standard for every company on Shark Tank,” says SparkCharge CTO Christopher Ellis, OCC Class of 2014.
He tells NewsChannel 9 the hardest part so far has been keeping the secret of their deal until the show aired.
“It feels great because we’ve been holding on to this for months now,” Ellis says.
SparkCharge did have two “sharks” pull out of making an offer and got down to negotiations with Cuban and Greiner.
Company Co-Founder and SU Grad Josh Aviv made his final offer.
For $1 million of investment money, SparkCharge would offer the “sharks” 10% stake in the company, a board seat for each, as well as 2% adviser equity for each Cuban and Greiner. They got the deal.
“It was surreal. It was like, ‘Wait is this really over?’ You’re in there, you’re talking so long you kind of lose track of time, you’re just rapid-firing questions and then all of a sudden it’s just we got a deal,” Ellis tells NewsChannel 9.
Once the deal is done Ellis says it will help them further invest in their Buffalo manufacturing operation, plus expand their engineering team to work on the next generation of SparkCharge products.