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A clean-tech startup that recently relocated its headquarters to Charlotte has implemented multiple rounds of layoffs.
Palmetto, which achieved unicorn status, or a $1 billion valuation, in 2021, has had at least two rounds of job cuts this year, according to several LinkedIn posts by employees and confirmation from a company spokesperson. The social media posts indicate an undisclosed number of layoffs were implemented in September and last week.
A few of the positions eliminated include operations strategy managers, coordinators and warehouse managers, according to the posts. The layoffs did not impact its Charlotte operations, as the company plans to continue to hire for teams here, the startup said.
"Palmetto unfortunately implemented layoffs in response to the national market slowdown in one of our divisions, which is the residential solar and energy storage installations," the spokesperson said. "Palmetto did some reorganization of the company to prepare for new innovations and services we are launching in 2024."
The company had nearly 400 employees working in hybrid, in-office and fully remote roles nationwide as of September. Palmetto told CBJ previously that it plans to have 100 employees based in Charlotte by next year.
In September, Palmetto moved its headquarters from Charleston, South Carolina, to South End at 1616 Camden Road. The office is currently 7,000 square feet. Palmetto planned to expand the office to 16,000 square feet in 2024. Chris Kemper, founder, chairman and CEO at Palmetto, said previously the firm started its transition to Charlotte earlier this year and was attracted to the city's talent pool in the innovation space.
The startup, founded in 2009, is a clean-energy, business-to-business tech company that develops software products, helping homeowners and utility companies choose renewable energy sources and ultimately save money.
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.
Palmetto has secured about $555 million in funding and has several celebrity backers such as Arnold Schwarzenegger, Billie Eilish, Drake and LeBron James.
The startup says it has 126 utility partners and is operating in 25 states. The company says it has served tens of thousands of households in North Carolina.
Palmetto is not the only unicorn startup to reportedly implement layoffs this year. Oyster HR, a Charlotte-based human resource technology startup, had two rounds of job cuts in January and mid-September. It is unclear how many employees were impacted at Oyster, but the layoffs were executed due to macroeconomic-related headwinds, among other factors.