U.S. Metal Recycler Recorded Robust Q1 Profits

SEATTLE (Scrap Monster): Greenwave Technology Solutions, Inc. generated revenues of around $9.7 million during the initial quarter of the current year. Through its subsidiary Empire, the company operates a total of 11 metal recycling facilities in Virginia and North Carolina.

The company attributed the revenue growth to various factors including robust scrap metal demand, record high commodity prices and inflationary pressures. Also, the company had reported major expansion to its footprints over the period.

According to company press release, Greenwave is currently installing a second automotive shredder, which is expected to double its scrap metal processing capability. In addition, the installation of new downstream processing system will further boost metals recovery, which in turn will generate additional $10-$20 million in revenue over the next 18-24 months, it noted.

Danny Meeks, Chief Executive Officer of Greenwave thanked the hard work of its employees in helping the company surpass its revenue goal last quarter, while making significant investments in equipment and infrastructure. The increased production capacity on account of acquisition of additional scrap metal processing facilities will result in significant growth in revenues during the year, Meeks added.

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