Kerbo Charge Offers A Unique Solution For Charging Electric Vehicles | Dragons' Den

Dragons' Den
2 Jul 202513:57

Summary

TLDRIn this Dragon's Den pitch, Mike and Ben introduce their innovative solution for homeowners without off-street parking, aiming to make electric car charging safer and more convenient. Their product is a polymer channel installed in the pavement, allowing users to charge their car while avoiding trip hazards. Despite challenges with the price and logistics, the duo secures a £50,000 investment from Deborah Meaden and Tuka Sulyman. Their product has potential to revolutionize EV charging for people who live without driveways, offering a simple yet impactful solution for a growing market.

Takeaways

  • 😀 The UK government is banning the sale of petrol and diesel cars by 2035, creating a challenge for households without off-street parking to charge their electric vehicles (EVs).
  • 😀 40% of UK households lack off-street parking, making it difficult to charge electric cars at home, leading to potential safety risks like trip hazards.
  • 😀 The product created by Mike and Ben is a polymer channel installed into pavements, allowing electric car owners to safely charge their cars from home, even without a driveway.
  • 😀 The polymer channel is professionally fitted into the pavement, is only 3 cm deep, and can be installed in under an hour, reducing trip hazards and being high heel-safe.
  • 😀 The product offers a sharing feature through an app, enabling users to share their charger with neighbors or passersby, generating extra income for both parties.
  • 😀 The product has gained traction with six confirmed trials across UK local authorities, including a live trial in Milton Keynes, where initial feedback has been positive.
  • 😀 Mike and Ben are seeking £50,000 in exchange for 2% equity in their company to further scale the solution and expand their impact.
  • 😀 A key concern raised by investors is the cost of installation, which could be £999 for a 3-meter run, potentially making it less appealing to consumers already paying for an electric vehicle.
  • 😀 There are concerns about coordinating the use of chargers with neighbors, as the sharing app is meant to prevent conflicts, but users may still face challenges in practical usage.
  • 😀 Some investors believe the product addresses a critical environmental and infrastructure issue, with the potential for significant growth, while others remain skeptical about the business's scalability and the current stage of development.
  • 😀 Two investors, Deborah and Tuka, make offers to invest, with Deborah offering £50,000 for a 7.5% stake, and Tuka matching the amount for a 7% stake, but Mike and Ben negotiate to reduce the equity offered to 5%.

Q & A

  • What problem does the product in the script aim to solve?

    -The product aims to solve the problem of electric car owners who live in houses without off-street parking and cannot easily charge their cars at home.

  • How does the product work?

    -The product is a polymer channel that is professionally fitted into the pavement outside the home. It allows the charging cable to run from the house to the car, with a self-sealing mechanism that prevents trip hazards.

  • How deep is the polymer channel and how long does it take to install?

    -The polymer channel is 3 cm deep and can be installed in under an hour.

  • What feature makes the charging cable safe from trip hazards?

    -The polymer channel snaps closed automatically over the cable, preventing it from creating trip hazards. It is also high heel-safe.

  • How often do people typically need to charge their electric cars?

    -Most people only need to charge their electric cars once or twice a week.

  • What is the purpose of the app mentioned in the script?

    -The app allows users to share their chargers with neighbors and passersby, earning some extra money for each charge.

  • What is the cost of installing the product for a typical 3-meter run?

    -The cost for a typical 3-meter run of the polymer channel is £999, including VAT.

  • What challenges do people without off-street parking face when charging their electric cars?

    -People without off-street parking face the risk of creating trip hazards by trailing cables over the pavement or using expensive public charge points.

  • What is the key concern of local authorities regarding the product?

    -Local authorities are concerned about the product's durability, how it settles, and whether it causes any trip hazards over time.

  • What was the outcome of the pitch in the script?

    -Mike and Ben secured an offer of £50,000 for a 6% stake in their business from Deborah Meaden, after negotiating the terms.

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