Greenwave Technology’s copper extraction system to begin operations in September

Greenwave Technology’s Orbcon PTV balling mill is expected to commence operations in September 2023. The balling mill is expected to significantly increase the copper recovery yields in the downstream processing of Greenwave’s automotive shred residue, adding to revenues and gross margins. In July 2023, Greenwave commenced operation of a downstream processing system at its Kelford, NC facility. The Orbcon PTV balling mill is the final component of the downstream processing system, focused on extracting copper from the shred residue, and is expected to result in the downstream processing system generating more than $1M per month in revenue by the end of 2023, with profit margins in excess of 80%. The company has completed the installation of its second automotive shredder at its Carrollton facility to process cars, household appliances, and industrial products. The shredder is expected to commence operation as soon as the electrical infrastructure is completed this quarter, and will double the company’s ferrous metal processing capacity. By selling its ferrous metal as shredded, rather than unshredded, Greenwave generates approximately 33% more revenue with profit margins in excess of 60%.