Greenwave Installs Second Automotive Shredder to Double Capacity

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.

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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.