Greenwave Technology Solutions, Inc. (NASDAQ: GWAV) watched its shares advance at Monday’s open. The Chesapeake, Va.-based company, a leading operator of metal recycling facilities in Virginia, North Carolina, and Ohio, today announced that Dominion Energy is currently in the process of connecting its second automotive shredder to the power grid which is expected to be completed by this Friday. The Company's second automotive shredder is expected to commence operations shortly thereafter and double Greenwave's annual shredded ferrous output.
Greenwave's existing automotive shredder – an American Pulverizer 60x85 – is the same make and model as its second one, providing the Company expertise in its operation and maintenance. By shredding the steel Greenwave currently sells unshredded, the Company anticipates that it will be able to generate approximately 25-30% more revenue with significant margins on that steel volume.
In October 2023, Sims Metal Management acquired Baltimore Scrap Corp., which operated 17 metal recycling facilities and four shredders, for consideration of $220 million. Similar to most industries, there has been a tremendous amount of consolidation in scrap metal companies during the past several years. Greenwave is now one of the largest independent chains of scrap yards remaining on the East Coast, with significant market share in its key markets. Further, the Company believes there is significant value in its licenses, municipal and corporate contracts garnered over its 20-year operating history, robust infrastructure, and team of seasoned experts.
GWAV shares acquired 0.6 cents, or 5.1%, to begin Monday at $0.13.
