Greenwave Technology Solutions, Inc., a leading operator of metal recycling facilities in Virginia, North Carolina, and Ohio, today announced that it has successfully restructured its senior secured debt to facilitate growth. The senior secured note holders have waived the quarterly-cash covenants until September 30, 2024, as well as monthly amortization payments until July 31, 2024.

Greenwave recently received notification from Dominion Energy that its second automotive shredder is scheduled to be connected to the power grid no later than April 9, 2024, and will commence operations shortly thereafter. The Company's second automotive shredder is expected to double Greenwave's ferrous metal processing capacity.

The Company'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 which we currently sell unshredded, we anticipate that we will be able to generate approximately 30% more revenue, with significant margins on that steel volume.

Greenwave expects to generate record revenues based upon a record volume of steel processed thus far in 2024. The Company expects to utilize the additional cashflows from restructuring its debt to aggressively grow its operations.

"We appreciate the continued support of our shareholders and debtholders at this inflection point in Greenwave's growth," stated Greenwave CEO Danny Meeks. "Our second shredder provides  the infrastructure for the Company to significantly scale our ferrous metal volume and revenues. We are simultaneously working to bring our copper extraction unit online as quickly as possible to further enhance the recovery yields – and cashflows – of our downstream recovery system. We are looking forward to an exciting next several months and reporting back on our progress."

For more information, please see the Company's Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on March 18, 2024.

 

Source: prnewswire.com

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