Plugged In Blog

2022 Joule Case Year in Review

01.19.23

Happy New Year, Joule Case family! We’re so proud of all we’ve accomplished in 2022—and while we’re hard at work gearing up for an even more successful 2023, we believe it’s just as important to take a moment and celebrate just how far we’ve already come.

To say that 2022 was a huge year for our business would be an understatement. Over the past 12 months, we’ve made significant progress towards our ultimate goal: to give people the ability to power anything, anywhere.

Today, we want to walk you through some of the biggest things we accomplished in 2022. A few of the things we’ll cover:

  • An exciting strategic shift that simplifies our path forward, boosts our margins, and expands our total addressable market (TAM) by 500%
  • Three new product launches and 5X revenue growth
  • Key hires that are already taking Joule Case to the next level
  • Updates to our growing portfolio of intellectual property
  • Tons of press coverage, awards, and more
  • And your exclusive invitation to our virtual Year-End Recap event (register here)

Let’s dive in.

Product launches + new IP

This year, we successfully deployed three new products: the Li6K Pro battery station and its two cousins, the Li5K Base-S and Li5K Base-M. All are excellent options for food trucks and mobile entrepreneurs; they’re also great backup power sources for the most essential appliances in your home (like refrigerators, freezers, and more) in the event of a power outage.

We also had four new patents granted this year, further solidifying Joule Case as the industry leader when it comes to clean, efficient, modular energy storage. That brings our team’s total number of patents granted to an incredible 13 patents granted and 10 more patents pending—and we’re just getting started.

On the macroeconomic level, we’re excited to announce that all Joule Case energy storage products now qualify for a 30% tax credit, thanks to the Inflation Reduction Act (IRA) that President Biden signed into law earlier this year. The new law makes switching from noisy, polluting gas generators to a Joule Case solution a no-brainer, especially for small business owners.

Finally, we’re pleased to report that as of this writing, our products have helped customers offset 1,076,944 lbs of greenhouse gas emissions and counting—the equivalent of 37,433 car-days offset.

A strategic pivot that’s already paying off

When we first launched Joule Case back in 2015, one of our main focuses was providing a clean, quiet, customizable power solution for music festivals and other outdoor events. It was (and remains) a hugely successful pursuit; we locked in a $100M letter of intent with Insomniac Events, the organizer of Electric Daisy Carnival (EDC) and many other events with hundreds of thousands of annual attendees.

We’re not going to stop working with big events like these—but over the past year, we’ve identified a new market that’s even better suited for our products: small businesses and enterprise.

Joule Case’s battery systems are perfectly designed for this category of business, and especially ideal for mobile entrepreneurs and food trucks. First of all, they’re modular by definition—so whether our customer is powering an ice cream cart with a single freezer, or a massive operation with dozens of heavy-draw appliances, they can customize a solution that perfectly fits their needs without spending the cash on extra power they don’t need.

Replacing traditional gas generators with Joule Case units has another huge benefit to these types of businesses: the complete elimination of stinky gas fumes. Not only are those fumes harmful to the environment… they also detract from the sensory experience our clients aim to create. That gas smell can completely ruin the aromas and flavors of street food. Switching to power that’s greener, quieter, and odor-free is an absolute no-brainer—especially considering that 30% tax break we just mentioned.

Our decision to focus more on SMBs and enterprise has already begun to pay off. By selling directly to small business owners and operators, we get to do business without a middleman—which means better profit margins for us, immediate cash flow without payment terms, and a better overall experience for our clients.

Revenue + traction

2022 was a banner year for Joule Case in terms of traction. We recently surpassed $1.8M in lifetime sales—representing 500%+ year-over-year growth compared to 2021.

Joule Case revenue growth year-by-year

In addition to all the work we’ve done to expand the business itself, we also got tons of media attention and exciting event placements this year. In the interest of keeping this section short and sweet, here are just a few examples of the press + brand recognition we got in 2022:

  • Joule Case was invited to the inaugural Global Clean Energy Action Forum, an international conference sponsored by the US Dept. of Energy, the White House, and more than 60 countries. Learn more here.
  • We were featured in Securities.io’s popular interview series (read it here). This was an AWESOME interview with Antoine Tardif, one of Securities.io’s founding partners and the CEO of BlockVentures.com.
  • Joule Case was named CleanTech Deal of the Year at the 2022 Equity Crowdfunding Awards—an absolutely incredible honor and the first time the award has ever been granted.
  • Our company was selected to power Idaho’s largest-ever food truck rally, with 18 food trucks serving 2,700+ attendees using nothing but Joule Case battery systems.

This is just a small slice of all the events and coverage we were thrilled to be part of in 2022. Things are heating up here at Joule Case—and we’re rising to the challenge with a newly-expanded team of all-stars.

Team growth + key hires

In 2022, we grew the Joule Case team from 7 people to 14—effectively doubling our capabilities while still keeping our operations lean and mean. 

We’re especially excited about two senior-level roles we filled this year. First, join us in welcoming our new VP of Sales, Justin LeVrier. Justin is a globally-recognized sales expert with an incredibly impressive track record at goliath companies like Mercedes-Benz, Cardone Enterprises, and more. Learn more about Justin and his plans for Joule Case here.

We’re also thrilled to introduce you to our new CFO, Chris Olsen. Before joining the Joule Case family, Chris was the COO and CFO for Bodybuilding.com for nine years. We’re so honored that he decided to join us after such a long and successful tenure.

Of course, none of these critical additions to our team would have been possible without the support of our investors and advisors.

Funding updates + what’s next

As many of you know, we closed our first equity crowdfunding raise in April 2022. The round was a smash success and was significantly oversubscribed—which is part of why we decided to launch a second, bigger raise immediately afterwards.

Other factors played into the decision too. For starters, our strategic pivot towards SMB clients effectively expanded our TAM by 5X overnight; we also experienced an incredible sales boost, generating 500% growth in the two months following our initial raise’s close date. 

What’s really exciting about our current raise is that we decided to offer it at effectively the same terms as our previously oversubscribed round—which means that even if you missed out last time, you can still claim a seat at the table for more or less the same price our investors paid a year ago.

That being said, our current offering will only be open for a few more weeks. We’re planning to close down our raise in late January… and after that, the plan is to pursue commitments from traditional VC. In other words, this might be the last opportunity to join us on our journey before we head for our next financing round.

If you already follow our offering on Wefunder, you’ve had a front-row seat to our 67 updates and counting; if you don’t follow us yet, you can catch up here. We have more updates coming before the end of our campaign, so be sure to click “Watch for Updates” on our deal page so you don’t miss a thing.

We’re also excited to invite you to our live year-end webinar on January 10, 2022. We have plenty more updates to share at this exclusive event, and hope you’ll join us in celebrating a record-breaking year for Joule Case. Register for free here. Can’t wait to see you there! 

Cheers to another fantastic year,

The Joule Case team

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