SEATTLE (Scrap Monster): Virginia, U.S.-headquartered Greenwave Technology Solutions, Inc. announced that its second automotive shredder and downstream system will become operational during the third quarter of the current year.
The automotive shredder will be capable of processing cars, household appliances, and industrial products. The downstream system will result in increased recovery yields of copper, aluminum, brass, steel, and other metals. The shredder and downstream system will become online in the summer and fall of 2022 respectively. Consequently, the company will double its processing capacity and deliver boosted profit margins.
Danny Meeks, Chief Executive Officer, Greenwave noted that the company has made significant investments in its infrastructure this year, in terms of organic growth and also through potential acquisition of independent, profitable facilities, thereby expanding the capacity of its portfolio of scrap metal yards. Greenwave is positioned to generate positive operating cashflows and revenue growth, Meeks added.
The company, through its subsidiary, Empire Services, Inc., runs a total of 11 metal recycling facilities in Virginia and North Carolina. These facilities collects, classifies and processes ferrous as well as nonferrous scrap metals.