A clean-technology company that achieved unicorn status in 2021 is moving its headquarters to Charlotte from Charleston, South Carolina, in October.
Palmetto, a clean-energy software company, is setting down roots in South End at 1616 Camden Road. That office, which will be 7,000 square feet in phase one this fall, can accommodate up to 200 employees. As part of phase two, the company plans to expand the headquarters to a total of 16,000 square feet in 2024.
Chris Kemper, founder, chairman and CEO at Palmetto, said the firm started its transition to Charlotte earlier this year and was attracted to the city's talent pool in the innovation space. With a mission to "lead the world towards a clean energy future," the company hopes to execute that initiative locally as well.
"We're hoping to make it stickier and help bring on more clean-tech or climate-change advocacy groups into the Charlotte area," he told CBJ. "So we're really hoping that the Queen City kind of becomes ultimately the clean-tech hub for the country, and we think we can serve as a catalyst for that."
Founded in 2009, Palmetto serves as a business-to-business tech company that develops software products, helping homeowners and utility companies choose renewable energy sources and ultimately save money. It also aims to spark innovation by other businesses, large corporations, individuals and entrepreneurs growing the clean-energy economy.
Through Palmetto's platform, customers can search for a solar-energy company that meets their needs, build custom panel placement designs, access various financing solutions and fulfill the order all in one place.
"We help our partners market, finance, deliver and service products such as solar power to their end customer," Kemper said. "Our goal here is to help reduce the price to consumers and bring more transparency."
Palmetto — which hit unicorn status, or a $1 billion valuation, in 2021 — is among the fastest growing clean-energy tech companies. It has about $555 million in funding under its belt. It has also secured several celebrity backers such as Arnold Schwarzenegger, Billie Eilish, Drake and LeBron James, according to a 2022 report by Variety magazine.
Kemper, who has decades of renewable energy experience, originally started Palmetto in London after working on clean energy technology through roles with organizations such as the United Nations. He moved the company to the U.S. in 2010 after recognizing an opportunity to provide renewable energy developers with resources needed to carry out projects in the space.
"So we provided at the time development, advisory work, capital sourcing and monetization of power and commodity contracts," he said.
During its early days in the U.S., Palmetto grew into a residential solar business and launched its marketplace concept targeted for consumers, distribution and build partners, and service providers.
To reflect its pledge to push climate change, Palmetto's Charlotte headquarters have been designed with several sustainability features. A few examples include its 80% recycled plastic office chairs and conference tables handcrafted by wood from salvaged and repurposed trees.
The local office also includes an indoor miniature golf course and dedicated office spaces for team-building events and training.
Palmetto has 126 utility partners and is in 25 states across the nation. It has 72 million serviceable households, and Kemper said nearly 85% of all U.S. buildings are mapped for solar potential and building energy management. The company has served tens of thousands of households in North Carolina.
Palmetto plans to add several other office hubs over the next year, including renovating its spaces in Charleston and San Francisco. The company has nearly 400 employees working in hybrid, in-office and fully remote roles nationwide. It plans to have 100 employees based in Charlotte by next year.
The company is focused on offering a broader set of products such as electric vehicle charging and home electrification.
"I just really have a passion and sincere care for the environment and climate change," Kemper said. "I tell my team this all the time that, that still holds today. I think we're a very impact-driven organization and very progressive in that."
