A Charlotte clean-tech unicorn is making moves to add the most value to its business.
Palmetto's board of advisers now includes Larry H. Summers, who formerly served as U.S. Treasury secretary under President Bill Clinton, director of the National Economic Council under President Barack Obama and president of Harvard University. The current Harvard professor also was once chief economist at The World Bank Group.
Palmetto announced Summers' appointment last week. The company said Summers brings deep expertise to the table, including a substantial background in economic policy and commitment to a more sustainable future.
“We are living in an era of rising energy prices and accelerating climate change,” Summers said in a statement. “Decarbonization is not only vital for environmental sustainability but also for stabilizing global long-term economic growth. I am excited to join Palmetto in its mission and contribute to advancing the future of clean energy in the United States.”
Summers joins a group of six advisers on Palmetto's board with extensive expertise across various industries, including policy, DEI, fintech and software.
Chris Kemper — CEO, founder and chairman at Palmetto — told CBJ that the company has formed an adviser network that will help ensure it's aware of all risks and opportunities that could impact its mission and business model.
"We've been fortunate enough to (add) Larry to the advisory board to help ensure we have the best possible advice to navigate the economic landscape and fully capture the long-term upside potential of the broader energy transition," Kemper said.
Founded in 2009, Palmetto serves as a business-to-business tech company that develops software products. Its products help homeowners and utility companies choose renewable energy sources and ultimately save money. The company aims to spark innovation through other businesses, large corporations, individuals and entrepreneurs growing the clean-energy economy.
On 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 an order in one place.
Palmetto moved its headquarters to Charlotte from Charleston, South Carolina, last fall. Its office is located in South End at 1616 Camden Road. That space can accommodate up to 200 employees.
Palmetto hit unicorn status, or a $1 billion valuation, in 2021 and is among the fastest-growing clean-energy tech companies. It has about $555 million in funding under its belt. The company also has several celebrity backers such as Arnold Schwarzenegger, Billie Eilish, Drake and LeBron James.
"As evidenced by our growth rate, we observe a robust underlying consumer demand for cost-saving clean technology solutions," Kemper said. "Capital flow, in addition to technology and a focused roadmap, is paramount to clean-tech adoption on a vast scale."
