shredded steel recycling
Greenwave says a second shredder could allow it to generate an additional $8 million to $15 million in revenue over the next 18 months.
Photo by Recycling Today staff.

Greenwave plans second auto shredder

Virginia-based scrap firm also says it continues to seek a Nasdaq listing for its stock shares.

Norfolk, Virginia-based Greenwave Technology Solutions Inc. says its subsidiary, Empire Services Inc., is in the process of installing a second auto shredder. Greenwave says the new system would allow it “to double its processing capacity, which could result in its dealer scrap product line generating an additional $8 million to $15 million in revenue over the next 18 months.”

Greenwave says it also is installing a downstream processing system “capable of recovering millimeter-minus pieces of metal from its shred residue or ‘fluff,’ as it is known in the industry.” Greenwave says the downstream system “could generate an additional $10 million to $20 million in revenue over the next 18 to 24 months and significantly increase Empire’s profit margins.”

“With the installation of this second automotive shredder, Empire’s operational infrastructure has the capacity to support significant growth with the goal of generating $100 million in annual revenue by 2025,” Greenwave CEO Danny Meeks says.

He continues, “Prices for scrap metal are on the rise driven by depleted inventories and robust demand, with many analysts projecting they could go much higher. We believe Greenwave is one of the most attractive companies in the scrap metal industry given its current valuation and potential for significant growth. We appreciate Greenwave’s shareholders for their trust and support the past several months as we cleaned up our capitalization structure, closed a $37.7 million offering, and put systems in place to position the company for rapid expansion.”

Greenwave does not mention where its planned second shredder will be. Its Empire subsidiary currently operates from 11 locations in North Carolina and Virginia and says it expects to open its 12th location in Fairmont, North Carolina, this March.

Greenwave also says it expects to submit its application to “uplist” to the Nasdaq exchange this March, “with the goal of listing on a national exchange by June 2022.”