Greenwave’s Norfolk Facility Obtains Automotive Recycler License from Virginia Department of Motor Vehicles
The Company’s Norfolk facility – its highest volume yard – now has the ability to purchase scrap cars directly from customers
January 11, 2023
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.”
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: https://twitter.com/greenwavegwav, https://www.instagram.com/greenwavegwav and https://www.youtube.com/@greenwavetechnologysolutions.
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