SEATTLE (Scrap Monster): Greenwave Technology Solutions, Inc. announced its decision to open two new metal recycling facilities over the next two months. This is part of company’s strategy to expand its footprint of recycling facilities.
The company is currently installing its second shredder at its Carrolton yard and a downstream system at its Kelford yard. The shredder and downstream system are on track to come online during September and October respectively. This will not only double the company’s processing capacity, but will also boost its revenues and profit margins significantly.
Danny Meeks, Chief Executive Officer of Greenwave noted that the additional locations and new infrastructure will accelerate its revenue going into 2023, in addition to increasing profit margins. He thanked the company’s shareholders for their trust and support.
Greenwave generated record revenues of $10.70 million during the quarter ending June 30, 2022. It generated positive cashflows from operating activities of $566,238 for the six months ending June 30, 2022.
It must be noted that Greenwave Technology Solutions, Inc., through its wholly owned subsidiary Empire Services, Inc., operates a total of 11 metal recycling facilities in Virginia and North Carolina.