Caleb Light and David Toledo pitched their innovative product, Power Pot, a thermoelectric generator cooking pot that charges electronic devices using the heat from boiling water, on Shark Tank in Season 5. The pitch was for $250,000 in exchange for 10% equity. By the end of the episode, they had secured a deal with Mark Cuban: $250,000 for 12% equity, plus 3% advisory shares.
Power Pot Net Worth
As of September 2022, the company’s estimated net worth is closely tied to its annual revenue of $1.5 million. However, the company no longer produces the Power Pot, with its focus shifted to new product lines under Power Practical’s umbrella. The acquisition by Thrasio in 2020 and the continued sales of products like Luminoodle lights and other camping gear have sustained the company’s financial growth. Despite this shift, Power Practical remains a strong player in the outdoor gear market, with revenue projections suggesting stability in the $1.5 million annual range.
Key Takeaways
- Power Pot is a thermoelectric generator cooking pot that charges electronic devices using the heat from boiling water, making it ideal for outdoor enthusiasts and emergency situations.
- Shark Tank Deal: Caleb Light and David Toledo secured a deal with Mark Cuban for $250,000 in exchange for 12% equity plus 3% advisory shares.
- Retail Success: The product gained wide distribution in major outdoor retailers like Amazon, Bass Pro Shops, REI, and Cabela’s, significantly boosting its market presence.
- Company Acquisition: In March 2020, Power Practical (the company behind Power Pot) was acquired by Thrasio, a major consumer products company.
- Product Shift: As of November 2021, Power Pot is no longer produced, but the company continues to sell Luminoodle lights and other outdoor gadgets.
- Current Revenue: Power Practical’s annual revenue stands at $1.5 million, with a focus on new product lines after the discontinuation of Power Pot.
- Net Worth: The company’s valuation is closely tied to its ongoing revenue and continued product development, maintaining a steady market position despite changes in its product line.
Highlights
- Power Pot was designed for campers, hikers, and those in emergency situations. It uses thermoelectric technology to convert heat into electrical energy, allowing users to charge their electronic devices during outdoor activities or power outages.
- Available in major outdoor retailers like Bass Pro Shops, REI, and Cabela’s, as well as on Amazon and other independent outdoor outfitters.
- The product was highly successful on Kickstarter, pre-selling over 100,000 units and projected $2 million in sales for the year.
Power Pot Overview
| Category | Details |
|---|---|
| Product Name | Power Pot (from Power Practical) |
| Founders | Caleb Light & David Toledo |
| Industry | Outdoor Gear / Camping Equipment |
| Product Description | A thermoelectric generator that charges USB devices using heat from boiling water or cooking |
| Funding Sought | $250,000 for 10% equity |
| Deal Secured | $250,000 for 12% equity plus 3% advisory shares with Mark Cuban |
| Company Valuation | $2.08 million |
Power Pot Shark Tank Recap
During the pitch, Caleb and David explained their journey as Kickstarter entrepreneurs, raising over $200,000 across two funding rounds. They sought investment to boost production and expand retail distribution.
Despite their success, the Sharks expressed concerns about the company’s valuation, particularly given that the product was relatively niche. Mark Cuban, however, saw potential in the founders and their product, offering $250,000 for 20% of the business. After some negotiation, Caleb and David countered with an offer of $250,000 for 12% equity and 3% advisory shares, which Mark accepted.
The deal was memorable for the awkward high-five mishap after the agreement, but it marked the beginning of an exciting journey for Power Pot.
Power Pot Shark Tank Update
Since their appearance on Shark Tank, Power Pot has seen impressive growth, particularly in terms of retail distribution. They expanded their product availability across virtually every major outdoor and camping retailer, including Amazon, Bass Pro Shops, REI, and Cabela’s.
The product’s success also led the company to explore markets beyond the U.S., with plans to make Power Pots available in developing countries where people can use boiling water to charge cell phones and lights, helping to address energy accessibility in off-grid areas.
In March 2020, Power Practical, the company behind Power Pot, was acquired by Thrasio, a major consumer products company. The acquisition allowed Caleb, David, and the rest of the Power Practical team to remain involved as part of the product development division. Their first post-acquisition project was a bathroom spray product, signaling a shift in the company’s focus.
As of November 2021, the company no longer produces Power Pots. Instead, they continue to sell a variety of other products, such as Luminoodle lights, TV lights, stick-on outdoor lights, and plasma lighters. Despite the end of the Power Pot line, the company has maintained a strong presence in the outdoor and home gadget market.
By September 2022, Power Practical’s website redirected to their Amazon store, and their domain no longer served as a direct online store. The company, however, continues to generate around $1.5 million in annual revenue.
Conclusion
Power Pot, created by Caleb Light and David Toledo, offered an innovative way to charge devices using heat from boiling water, making it a hit among outdoor enthusiasts. The deal with Mark Cuban on Shark Tank helped boost its retail presence, but the product was eventually discontinued. After being acquired by Thrasio, the company pivoted to other successful products like Luminoodle lights, maintaining steady revenue. Power Pot’s journey highlights the power of innovation, crowdfunding, and strategic partnerships in building a successful business.
