XTorch Net Worth
The XTorch company has received wide coverage in the media, including the largest newspaper in Minnesota, The Star Tribune. While some people might think it’s an obvious business venture, Palusky and his co-founders have spent many years building the company. Last year, they sold $113,000 worth of portable devices, which can be used to charge phones and store power. During the Shark Tank episode, the company was temporarily moved to Las Vegas for filming.
The XTorch is a solar powered lantern, flashlight, and phone charger that can be recharged from full sunlight or a standard USB cord. Designed for camping and wilderness excursions, the XTorch can power cell phones and recharge other devices. XTorch’s fuel gauge shows the remaining battery capacity. Palusky had previously invested hundreds of thousands of dollars in real estate before he decided to start a business. He would purchase properties, remodel them, and then resell them at a profit.
Gene Palusky, co-founder of the XTorch, is an artist and entrepreneur. He spent the early 1980s developing real estate and sold properties to make money. He later sold off his multifamily properties and poured $300,000 into his XTorch company. Since launching the company, the XTorch has distributed more than 1,500 torches and donated thousands for free to charities.
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The XTorch net worth has reached $1.5 million. The company plans to continue expanding into retail outlets and aims to contribute 25% of its profits to underdeveloped countries. The XTorch team has had several appearances on Shark Tank. In episode 22, the company sought $150,000 in exchange for a 10% stake. They are valued at $1.5 million. In an episode of Shark Tank, Gene and Keidy presented the product to the Sharks and sought $150,000 in return for a 10% stake. While the Sharks were skeptical of their Xtorch project, Gene and Keidy demonstrated the product’s charging process. The XTorch can last 22 hours and charge a mobile phone for an hour.
The XTorch’s battery is designed to last for at least seven to ten years. The battery recharges via USB and takes only one hour in full sun. In hazy skies, the battery can last for up to 32 hours. The XTorch’s solar-powered design has garnered much attention. In addition to the product’s impressive capabilities, the XTorch’s inventors have also created a for-profit company called EJ Case, which will subsidize the devices for those in need.
The XTORCH has already risen to become a popular product. The company was valued at 14 million when they first appeared on Shark Tank. Its net worth has increased exponentially since then. The company’s net worth has grown from $14 million to $100 million and beyond. Several other products from the Shark Tank have reached over $100 million. Its Shark Tank appearance landed the company Total Merchant Resources with a 25K offer for a 25 percent stake in the company.
