What can organizations like ACORE do to move that needle for you, to break down that barrier?
Putting people in rooms together so everyone 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 amazing. Then, if there are nationwide corporations that can support our work that can likewise be a big offer. Were currently working on a collaboration with Lowes, which is donating about $1,000,000 worth of materials to support our tasks. Stabilizing direct exposure, standing next to us and stating “these neighborhoods are worthwhile of investment”– you cant put a worth on that
How can possible partners do company with you?
We are likewise always willing to host people if they desire to see some of the sustainable technology we are putting in these neighborhoods. We host people as soon as a week at our structure so they can see the innovation that were using in neighborhoods that traditionally havent had access. Im always challenging leading executives to put their name and face on these efforts due to the fact that I think that has genuine worth
How was your Accelerate membership benefited you?
Its been excellent simply to satisfy the other Accelerate member companies. I learned a lot from having conversations with them in real-time, and finding out about individuals with absolutely different perspectives. I like the networking.
I believe we are doing the very best we can do in the COVID environment. Feeling in ones bones that it exists, and that ACORE is so deliberate about the program, makes a huge distinction.
Show us a recent success story.
We just recently joined Mayor Lightfoot for a press conference to announce that we will be building a $30 million, totally sustainable and entirely economical development, in collaboration with the City of Chicago. We are constructing 50 property systems, a coffee shop, a business center, all on the South Side of Chicago, which will expand solar-powered use in the city
What effect are you making?
I believe there is constantly a shock when people discover who is behind our company. Even in our own communities, individuals just cant think it.
The other thing that I think is crucial is we have an economic effect that resonates with individuals, and its a quite effective message. Were intending to cut energy expenditures for households in half. Thats a huge offer, you understand. That quantity of money effects the spending plan of everyday families
What difficulties do you face? Why?
When I go to banks and state that were building sustainable real estate in low- and moderate-income neighborhoods, they look at me like Ive spoken the incorrect language. These communities are still being red-lined. I believe the lesson is that union structure is crucial.
By Constance ThompsonAugust 31, 2021
Image courtesy of Pat Nabong/Sun-Times
The American Council on Renewable Energy (ACORE) is pleased to share the third installment in our “Accelerating Renewables” blog site series.
Each installation features industry leaders and topics related to speeding up an equitable and simply transition to a renewable resource economy. In acknowledgment of National Black Business Month, our August functions highlight how three Black-owned Accelerate member companies are prospering in the renewable resource sector.
Robert “A.J.” Patton is a financing, sales, and capital markets specialist with more than a years of experience in investment banking, endowment management, and realty analysis. In May 2016, A.J. founded 548 Capital, LLC, to combine his knowledge and track record of developing constant returns with an individual enthusiasm for assisting change communities and their effect on the planet. In 2019, Patton was named a recipient of the Energy News 40 Under 40 award– highlighting his effect on Americas shift to a clean economy.
LEARNT 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 two essential minutes that made me leap. In 1999, my mom received a $400 gas bill, and she was only making 10 bucks an hour, so we couldnt manage the gas costs. A lot of individuals have similar anecdotes, and thats not a good thing
The 2nd turning point was probably 15 years ago, as I was working for a firm that was purchasing a host of things all over the world. Individuals were can be found in to ask for a financial investment around renewable resource, and I posed a question to them: “What you are doing with these solar companies is amazing, and the cost of solar is boiling down, however how does that aid everyday individuals?” I asked, “Where are they in your formula? Where is their gain access to? They are paying an out of proportion quantity of their earnings on energy.” They looked confused that I would even dare inquire about the daily people. They stated, “Well, you know, low- and moderate-income families frequently reside in multi-family buildings, and it is tough to get in contact with those building owners. If you can not get in contact with the building owners, you need to call private families and the expense of getting those individuals informed and after that registering for renewable resource is not a favorable business design.” So, I asked, “What if I owned the real estate advancement and the solar?” And they said, whoever does that is going to alter the marketplace forever. So I stopped my job. I believe I kipped down my resignation within 6 months of that discussion, and I began my business. I named it 548 Capital because that is the system number in the general public real estate where I grew up. So whatever is I do is targeted to families in those circumstances and focused on improving their lifestyle
Tell us about your business? (objective, partners, areas you operate in, primary clients, and so on).
The vision of 548 Capital is to make sustainable innovations accessible for all: all communities, all families, everyone must have access. Somebody, some entity, has to serve as the bridge so that those technologies reach everybody.
I think there is constantly a shock when individuals discover who is behind our business. Even in our own neighborhoods, individuals just cant think it. Putting individuals in spaces together so everyone can share notes is constantly important. We are also always willing to host individuals if they desire to see some of the sustainable innovation we are putting in these communities. We host individuals as soon as a week at our structure so they can see the technology that were applying in communities that traditionally have not had access.