Greenwave to expand

Greenwave Technology Solutions Inc., headquartered in Chesapeake, Virginia, has announced that it will be opening two new metal recycling facilities over the next eight weeks. The company operates 11 metal recycling facilities in Virginia and North Carolina.

Additionally, Greenwave reported its second-quarter earnings, noting that its strengthened balance sheet resulting from its Nasdaq listing positions the company to rapidly grow its revenues and expand its footprint.

Greenwave generated $10.70 million in revenues during the quarter ending June 30, an increase of 56 percent from the $6.88 million in revenue Empire Services Inc., its wholly owned subsidiary, generated in the same period in 2021. Greenwave also generated positive cashflows from operating activities of $566,238 for the six months ending June 30.

The company is installing a second shredder at its Carrollton, Virginia, yard to process cars, household appliances and industrial products, along with a downstream system at its Kelford, North Carolina, yard to increase its recovery of copper, aluminum, brass, steel and other metals. The shredder and downstream system are on track to come online in September and October, respectively, and are expected to double the company’s processing capacity, significantly growing its revenues while increasing its profit margins, Greenwave says.

Danny Meeks, CEO of Greenwave, says, “We are at an inflection point in Greenwave’s growth trajectory. With these additional locations and new infrastructure set to come online over the next eight weeks, we believe Greenwave’s revenue growth will accelerate going into 2023, in addition to increasing profit margins. We are incredibly grateful for the trust and support of Greenwave’s shareholders. We look forward to creating significant shareholder value and reporting back on our progress.”