Greenwave provides operations update

Greenwave Technology Solutions Inc., headquartered in Chesapeake, Virginia, has announced its 12th metal recycling facility is expected to open in Fairmont, North Carolina, by the end of November. Additionally, the company says its 13th metal recycling facility is on track to open in Richmond, Virginia, in December.   

The company says its second automotive shredder is almost fully assembled and is on track to come online in December. Greenwave also is launching an online car buying program, created by repurposing its existing technology platform, to increase buying power in the automobile market. The company says this is a high-margin, scalable, cloud-based tech revenue stream as fewer auto auctions and more direct consumer purchases will yield higher net profits.  

RELATED: Greenwave to expand

To better facilitate the sale of its metal directly to steel mills and to offer hauling services to corporate clients, the company is expanding its fleet with an order of 23 new trucks to bring its total to 37 trucks. An additional 20 trucks are on order for 2023, the company says.   

Greenwave says it will use the logistics infrastructure it has to minimize costs and estimates its hauling service line could generate hundreds of thousands of dollars in additional revenue per month. The company says the general freight/trucking industry is estimated to be a $269.7 billion industry in 2022 and adds that it is working toward receiving its authority to pick up and drop off containers to send overseas at the Port of Virginia.  

“Greenwave now has the strongest balance sheet in its history and with our second shredder on track to come online in December, along with our 12th and 13th locations opening in the coming weeks, we believe the company is strongly positioned for future growth,” says Danny Meeks, the CEO of Greenwave. “By expanding Greenwave’s revenue streams into other high-growth industries, we believe the company will be able to create shareholder value in any economic climate. We’d like to thank Greenwave’s shareholders for their continued trust and look forward to reporting back on our progress.”  

Additionally, Greenwave is expanding into the sports facility market with the opening of Greenwave Elite Sports Facility in Portsmouth, Virginia.