Greenwave’s Norfolk Facility Obtains Automotive Recycler License from Virginia Department of Motor Vehicles
January 11 2023 - 12:23PM
Greenwave Technology Solutions, Inc. ("Greenwave" or the "Company")
(NASDAQ: GWAV), through its wholly owned subsidiary Empire
Services, Inc. (“Empire”), a leading operator of 12 metal recycling
facilities in Virginia and North Carolina, is pleased to announce
its Norfolk facility has obtained an automotive recycler/demolisher
license from the Virginia Department of Motor Vehicles. This
license enables Greenwave’s Norfolk Facility to purchase scrap cars
directly from customers, one of the only metal recycling facilities
able to do so in the City of Norfolk.
Greenwave opened its Norfolk facility in 2012 and has been
working for the past several years to obtain this license. The
Company 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 facility.
Further, Greenwave 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 by
purchasing more scrap vehicles directly from consumers, rather than
through brokers or auctions, it will increase its margins.
“Obtaining this license enables us to better serve the hundreds
of corporations, municipalities, small business, and individuals
who sell their scrap metal to our Norfolk facility on a regular
basis,” stated Danny Meeks, Chief Executive Officer of Greenwave.
“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.”
About Greenwave Greenwave Technology Solutions,
Inc., through its wholly owned subsidiary Empire Services, Inc.
(“Empire”), is a leading operator of 12 metal recycling facilities
in Virginia and North Carolina. At these facilities, Empire
collects, classifies, and processes raw scrap metal (ferrous and
nonferrous) for recycling. Steel is one of the world’s most
recycled products with the ability to be re-melted and re-cast
numerous times while offering significant economic and
environmental benefits when compared with virgin materials. For
more information, please
visit https://www.greenwavetechnologysolutions.com/. Check us
out on all social media platforms:
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https://www.youtube.com/@greenwavetechnologysolutions.
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contains certain forward-looking statements within the meaning of
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Reform Act of 1995. These include, without limitation, statements
about its revenue growth, opening of additional locations,
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Actual results may differ materially from those in the
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Contact
Info:757-966-1432Info@Greenwavetechnologysolutions.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/568bcc00-3c1e-4b8a-80df-50f49711750f
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