Renewable Power Perspectives Q&A with Robert “A.J.” Patton, CEO of 548 Capital, LLC.
I believe there is constantly a shock when people learn who is behind our company. Even in our own neighborhoods, people simply cant think it. Putting individuals in rooms together so everyone can share notes is constantly valuable. We are likewise constantly willing to host people if they desire to see some of the sustainable technology we are putting in these communities. We host individuals when a week at our structure so they can see the technology that were applying in neighborhoods that traditionally have not had gain access to.
Show us a recent success story.
We just recently joined Mayor Lightfoot for an interview to announce that we will be constructing a $30 million, entirely budget-friendly and completely sustainable development, in partnership with the City of Chicago. We are building 50 domestic units, a coffeehouse, a business center, all on the South Side of Chicago, which will broaden solar-powered use in the city
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What effect are you making?
I believe there is always a shock when people discover who is behind our business. Even in our own communities, individuals just cant think it.
The other thing that I believe is important is we have an economic effect that resonates with people, and its a pretty effective message. That quantity of cash effects the spending plan of daily families
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What difficulties do you face? Why?
When I go to banks and say that were constructing sustainable real estate in low- and moderate-income communities, they look at me like Ive spoken the wrong language. These neighborhoods are still being red-lined. I think the lesson is that union structure is important.
By Constance ThompsonAugust 31, 2021
Picture thanks to Pat Nabong/Sun-Times
The American Council on Renewable Energy (ACORE) is pleased to share the third installation in our “Accelerating Renewables” blog site series.
Each installation includes market leaders and subjects associated with accelerating a fair and simply shift to an eco-friendly energy economy. In acknowledgment of National Black Business Month, our August functions highlight how three Black-owned Accelerate member business are prospering in the renewable resource sector.
Robert “A.J.” Patton is a finance, sales, and capital markets expert with more than a years of experience in investment banking, endowment management, and genuine estate analysis. In May 2016, A.J. founded 548 Capital, LLC, to combine his expertise and performance history of developing consistent returns with an individual enthusiasm for assisting transform communities and their influence on the planet. In 2019, Patton was named a recipient of the Energy News 40 Under 40 award– highlighting his influence on Americas shift to a clean economy.
FOUND OUT MORE: Up-and-Comer Developer Makes Headway without the Banks ( Chicago Sun-Times, August 27, 2021).
What inspired you to start your company?
I had 2 essential minutes that made me jump. In 1999, my mom received a $400 gas expense, and she was just making 10 dollars an hour, so we could not afford the gas costs. A lot of people have similar anecdotes, and thats not a good thing
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The second critical moment was most likely 15 years back, as I was working for a firm that was buying a host of things around the world. People were can be found in to ask for an investment around renewable resource, and I presented a question to them: “What you are doing with these solar firms is spectacular, and the cost of solar is boiling down, however how does that help everyday people?” I asked, “Where are they in your formula? Where is their gain access to? They are paying an out of proportion amount of their income on energy.” They looked confused that I would even dare ask about the daily people. They stated, “Well, you understand, low- and moderate-income families frequently live in multi-family buildings, and it is hard to get in contact with those building owners. If you can not get in contact with the building owners, you need to contact specific families and the expense of getting those people informed and after that signing up for renewable resource is not a beneficial business model.” I asked, “What if I owned the real estate advancement and the solar?” And they stated, whoever does that is going to change the market forever. So I stopped my job. I think I kipped down my resignation within 6 months of that discussion, and I started my company. Since that is the system number in the public real estate where I grew up, I named it 548 Capital. So whatever is I do is targeted to households in those scenarios and focused on enhancing their lifestyle
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What can companies like ACORE do to move that needle for you, to break down that barrier?
Putting people in spaces together so everybody can share notes is always valuable. Through the Accelerate program, weve had a possibility to speak directly with bankers and tax credit syndicators which is magnificent. If there are national corporations that can support our work that can also be a huge offer. Were currently working on a collaboration with Lowes, which is donating about $1,000,000 worth of products to support our jobs. Normalizing direct exposure, standing next to us and stating “these neighborhoods are worthwhile of financial investment”– you cant put a value on that
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How can possible partners do service with you?
Now, we are Chicago-focused. We are always searching for partners to invest, provide debt or buy some tax credits, thats the first ask. If they desire to see some of the sustainable technology we are putting in these communities, we are also always prepared to host people. This is not proprietary; its an open book. We host people as soon as a week at our building so they can see the innovation that were using in communities that traditionally havent had gain access to. We are likewise going to be broadening our board. Im always difficult top executives to put their name and face on these efforts since I believe that has real value
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How was your Accelerate subscription benefited you?
Its been excellent simply to meet the other Accelerate member business. I learned a lot from having conversations with them in real-time, and discovering people with totally different perspectives. I enjoy the networking.
I believe we are doing the very best we can do in the COVID environment. Feeling in ones bones that it exists, which ACORE is so deliberate about the program, makes a big distinction.
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Tell us about your company? (objective, partners, regions you operate in, main customers, etc.).
The vision of 548 Capital is to make sustainable innovations available for all: all neighborhoods, all households, everyone ought to have gain access to. Somebody, some entity, has to serve as the bridge so that those technologies reach everyone.