Share with us a recent success story.
We recently signed up with Mayor Lightfoot for a press conference to reveal that we will be building a $30 million, totally sustainable and entirely budget-friendly advancement, in collaboration with the City of Chicago. We are developing 50 domestic units, a coffee bar, a company center, all on the South Side of Chicago, which will expand solar-powered usage in the city
What effect are you making?
When people discover who is behind our company, I believe there is constantly a shock. Even in our own communities, people simply cant believe it. To me, thats pretty satisfying. Individuals seeing whos behind 548 Capital matters.
The other thing that I believe is essential is we have an economic effect that resonates with people, and its a quite powerful message. Were intending to cut utility costs for families in half. Thats a huge offer, you know. That amount of money impacts the budget plan of daily households
What challenges do you face? Why?
When I go to banks and state that were constructing sustainable real estate in low- and moderate-income communities, they look at me like Ive spoken the incorrect language. These communities are still being red-lined. I believe the lesson is that coalition building is important.
I think there is always a shock when individuals discover who is behind our business. Even in our own neighborhoods, individuals just cant believe it. Putting people in rooms together so everyone can share notes is always important. We are likewise always ready to host individuals if they want to see some of the sustainable technology we are putting in these communities. We host individuals when a week at our building so they can see the technology that were using in communities that traditionally havent had gain access to.
By Constance ThompsonAugust 31, 2021
Picture courtesy of Pat Nabong/Sun-Times
The American Council on Renewable Energy (ACORE) is pleased to share the 3rd installation in our “Accelerating Renewables” blog site series.
Each installment features market leaders and topics related to accelerating an equitable and just shift to a renewable energy economy. In recognition of National Black Business Month, our August features highlight how 3 Black-owned Accelerate member business are flourishing in the renewable resource sector.
Robert “A.J.” Patton is a finance, sales, and capital markets expert with more than a decade of experience in investment banking, endowment management, and genuine estate analysis. In May 2016, A.J. founded 548 Capital, LLC, to integrate his know-how and performance history of creating consistent returns with an individual enthusiasm for assisting change neighborhoods and their influence on the world. In 2019, Patton was named a recipient of the Energy News 40 Under 40 award– highlighting his effect on Americas shift to a tidy 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 business?
I had 2 pivotal minutes that made me leap. In 1999, my mom received a $400 gas bill, and she was just making ten bucks an hour, so we could not manage the gas expense. A lot of individuals have similar anecdotes, and thats not an excellent thing
They looked confused that I would even dare ask about the everyday people. I think I turned in my resignation within six months of that discussion, and I started my company. I named it 548 Capital since that is the system number in the public housing where I grew up.
Inform us about your business? (mission, partners, regions you run in, main clients, etc.).
The vision of 548 Capital is to make sustainable technologies accessible for all: all neighborhoods, all families, everybody needs to have access. Someone, some entity, needs to serve as the bridge so that those innovations reach everybody. Thats what my objective is, and luckily we are growing. We are presently headquartered in Chicago, but we will be revealing some brand-new locations this fall
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 constantly important. Stabilizing direct exposure, standing next to us and saying “these communities are worthwhile of investment”– you cant put a worth on that
How can possible partners do business with you?
Right now, we are Chicago-focused. We are constantly searching for partners to invest, use financial obligation or buy some tax credits, thats the first ask. We are also constantly happy to host individuals if they wish to see a few of the sustainable innovation we are putting in these communities. This is not exclusive; its an open book. We host individuals once a week at our building so they can see the technology that were using in communities that historically havent had access. We are likewise going to be broadening our board. Im constantly difficult top executives to put their name and face on these efforts since I believe that has genuine value
How was your Accelerate membership benefited you?
Its been terrific just to meet the other Accelerate member companies. I discovered a lot from having discussions with them in real-time, and discovering people with totally different point of views. I enjoy the networking.
I think 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 huge distinction.