New Paltz Company Got Biggest ‘Shark Tank’ Offer in Show’s History
The $5 million offer made to a Hudson Valley-based company was the largest deal ever made on "Shark Tank."
This week the long-running ABC series celebrated a milestone, making over $100 million in deals during the show's eight seasons. Throughout the years, the "Shark Tank" investors have been presented with thousands of pitches, some of which never even made it on air. In total, the celebrity panel has invested in businesses from over 350 entrepreneurs, with some of them going on to become mufti-million dollar empires.
Inc.com recently compiled a list of the biggest "Shark Tank" deals in history, and a company based in New Paltz, New York has made the very top of the list. In 2015 investor Robert Herjavec placed the winning bid for Zero Pollution Motors, a company dedicated to distributing cars that run entirely on compressed air. Herjavec agreed to pay the company $5 million in exchange for 50% of the business.
Entrepreneur Ethan Tucker presented the deal to the "Sharks" along with his business partner, musician Pat Boone. Herjavec, a car enthusiast, gave the duo exactly what they were asking for; making a record setting $5 million offer.
Unfortunately, like many of the investments made on "Shark Tank," the deal was never finalized. In a message posted to their Facebook page after the show aired, Zero Pollution Motors said "Robert backed out of the deal made last year after waiting 9 months. Now we are free to have other investors! Are you in?"
Despite the failed "Shark Tank" deal, the company says they're still on track to start offering their air-powered cars to the US market by the end of the year. Zero Pollution Motors is currently taking pre-orders on their website and have attracted other investors, including actor Rocky Carroll from "Chicago Hope."