Greenwave Technology adds operation of new equipment in Portsmouth facility

Greenwave Technology has commenced operation of a metal baler, wire stripper, and three sheers at its non-ferrous processing facility in Portsmouth, VA. The high capacity metal baler is capable of compacting large amounts of metal into dense bales, reducing the amount of labor and cost required to process, transport, and sell copper and aluminum products. By condensing more material into each load of metal it sells, the company will be able to reduce transportation costs and realize a greater profit margin. Greenwave recently completed its multi-year capex cycle, under which the company has invested more than $15M in its infrastructure and equipment over the past 24 months. This capex cycle is expected to double its ferrous metal processing capacity from fiscal 2022 levels and result in the Company having the infrastructure to accretively scale to over 20 metal recycling facilities.