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

Summary

In 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.