Renewable Power Perspectives Q&A with Robert “A.J.” Patton, CEO of 548 Capital, LLC.
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11% OffI believe there is constantly a shock when people learn who is behind our business. Even in our own neighborhoods, individuals simply cant think it. Putting individuals in spaces together so everybody can share notes is constantly valuable. We are also always ready to host individuals if they desire to see some of the sustainable innovation we are putting in these neighborhoods. We host individuals as soon as a week at our structure so they can see the innovation that were using in communities that historically havent had gain access to.
Show us a recent success story.
We just recently signed up with Mayor Lightfoot for an interview to announce that we will be building a $30 million, completely sustainable and entirely economical development, in partnership with the City of Chicago. We are building 50 property units, a coffeehouse, a service center, all on the South Side of Chicago, which will expand solar-powered use in the city
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What impact are you making?
I think there is always a shock when individuals learn who is behind our company. Even in our own communities, people just cant believe it.
The other thing that I believe is crucial is we have an economic effect that resonates with people, and its a quite effective message. That amount of money effects the budget plan of daily households
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What difficulties do you deal with? Why?
When I go to banks and say that were developing sustainable real estate in low- and moderate-income neighborhoods, they look at me like Ive spoken the incorrect language. These neighborhoods are still being red-lined. I believe the lesson is that union building is important.
By Constance ThompsonAugust 31, 2021
Image thanks to Pat Nabong/Sun-Times
The American Council on Renewable Energy (ACORE) is delighted to share the third installment in our “Accelerating Renewables” blog site series.
Each installation includes market leaders and subjects associated with speeding up an equitable and just shift to an eco-friendly energy economy. In acknowledgment of National Black Business Month, our August functions highlight how 3 Black-owned Accelerate member business are growing in the renewable energy sector.
Robert “A.J.” Patton is a financing, sales, and capital markets specialist with more than a decade of experience in financial investment banking, endowment management, and real estate analysis. In May 2016, A.J. established 548 Capital, LLC, to combine his knowledge and performance history of developing consistent returns with a personal enthusiasm for helping 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 impact on Americas shift to a tidy economy.
CHECKED 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 critical minutes that made me leap. In 1999, my mother received a $400 gas expense, and she was only making 10 dollars an hour, so we could not manage the gas bill. A lot of individuals have comparable anecdotes, and thats not a good thing
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They looked confused that I would even attempt ask about the everyday people. I think I turned in my resignation within 6 months of that discussion, and I started my company. I named it 548 Capital because that is the system number in the public housing where I grew up.
Inform us about your company? (mission, partners, regions you run in, main consumers, and so on).
The vision of 548 Capital is to make sustainable innovations accessible for all: all communities, all families, everybody must have access. Somebody, some entity, has to function as the bridge so that those technologies reach everyone. Thats what my mission is, and thankfully we are growing. We are presently headquartered in Chicago, but we will be revealing some brand-new places this fall
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What can companies like ACORE do to move that needle for you, to break down that barrier?
Putting individuals in rooms together so everyone can share notes is constantly valuable. Through the Accelerate program, weve had a chance to speak directly with lenders and tax credit syndicators which is magnificent. Then, if there are national corporations that can support our work that can likewise be a huge deal. Were currently working on a partnership with Lowes, which is donating about $1,000,000 worth of products to support our projects. Stabilizing exposure, standing next to us and saying “these communities are worthy of investment”– you cant put a value on that
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How can possible partners work with you?
Now, we are Chicago-focused. We are always searching for partners to invest, use debt or buy some tax credits, thats the first ask. We are likewise constantly ready to host individuals if they wish to see some of the sustainable technology we are putting in these communities. This is not proprietary; its an open book. We host people when a week at our building so they can see the innovation that were applying in communities that traditionally have not had gain access to. We are also going to be expanding our board. Im always challenging magnates to put their name and face on these efforts because I think that has real value
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How was your Accelerate membership benefited you?
Its been fantastic just to fulfill the other Accelerate member business. I discovered a lot from having discussions with them in real-time, and discovering people with completely various viewpoints. I like the networking.
I think we are doing the finest 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 difference.
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