Greenwave's Norfolk, Virginia, facility receives automotive recycler license

Metal recycler Greenwave Technology Solutions Inc., through its wholly owned subsidiary Empire Services Inc., has obtained an automotive recycler-demolisher license from the Virginia Department of Motor Vehicles for its Norfolk facility, which will allow it to purchase scrap cars directly from customers.

Based in Chesapeake, Virginia, Greenwave opened its Norfolk facility in 2012 and says it has been working for the past several years to obtain this license. The company says it expects that the volume of cars it processes will increase by 500 to 750 tons per month now that it can purchase cars directly from customers at its Norfolk yard.

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Greenwave says it also is revamping its online car buying program, created by repurposing its legacy technology platform, to increase the volume of cars it processes. The company believes that it will increase its margins by purchasing more scrap vehicles directly from consumers rather than through brokers or auctions.

“Obtaining this license enables us to better serve the hundreds of corporations, municipalities, small businesses and individuals who sell their scrap metal to our Norfolk facility on a regular basis,” Greenwave CEO Danny Meeks says. “Purchasing and scrapping old cars is one of Empire’s most profitable business lines. By obtaining this license and through the use of technology, we expect to continue to grow the volume of scrap vehicles we process. We are appreciative of Greenwave’s shareholders for their continued support and look forward to reporting back on our progress.”

Greenwave currently operates 12 metal recycling facilities throughout Virginia and North Carolina, with a 13th slated to open in the coming weeks in Richmond, Virginia.