Greenwave Installs Second Automotive Shredder to Double Capacity

In addition, it is also installing a downstream processing system, which will be capable of recovering millimeter-minus pieces of metal from its shred residue.

SEATTLE (Scrap Monster): Norfolk, Virginia-headquartered Greenwave Technology Solutions Inc. announced that its subsidiary, Empire Services, Inc., is currently in the process of installing a second automotive shredder, aimed at doubling its processing capacity. The installation is expected to boost the revenue of its dealer scrap product line by additional $8-15 million over the next 18 months.

In addition, it is also installing a downstream processing system, which will be capable of recovering millimeter-minus pieces of metal from its shred residue. This new product line is expected to generate additional revenue of around $10-20 million over the next 18 to 24 months. Furthermore, it will provide significant boost to the subsidiary’s profit margins, the company press release said.

ALSO READ:

EPA Issued Enforcement Alert to Metal Recycling Facilities

Sims Metal Management Attained Consistent Sustainability Progress

Danny Meeks, CEO, Greenwave said that with the installation of the second automotive shredder, Empire’s operational infrastructure will have the capacity to support significant growth with the goal of generating $100 million in annual revenue by 2025. The prices for scrap metal are likely to escalate further, driven by depleted inventories and extremely robust demand, he added.

Empire had generated $27.5 million in revenue during fiscal year 2021. It operates 11 metal recycling facilities in Virginia and North Caolina and employs nearly 100 people.

• Topsham Scrap Metal Company Fined $42,000 After Alleged Clean Air Act Violation
• Alaska’s Top Court Reviews Permits for Donlin Gold Mine
• Michigan EGLE Awards $1 Million in Brownfield Funding for Redevelopment of Two Landfills
• November 14, 2024: Scrap Gold and Platinum Prices Dipped, Silver Up on the Index