Vancouver, Kelowna, and Delta, British Columbia--(Newsfile Corp. - June 18, 2024) - Investorideas.com, a go-to platform for big investing ideas issues the first of a two-part series looking at the opportunities and the players in metals recycling, featuring Greenwave Technology Solutions, Inc. (NASDAQ: GWAV), an operator of metal recycling facilities in Virginia, North Carolina, and Ohio.
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Research and Markets reports, "The rising demand for consumer electronics is significantly driving the growth of the metal recycling market. As the production and consumption of devices such as smartphones, laptops, tablets, and household appliances increase, so does the generation of electronic waste (e-waste). These devices contain valuable metals like copper, aluminum, gold, and silver, which can be recovered and recycled. Recycling metals from e-waste is crucial for conserving natural resources and reducing the environmental impact of mining and processing new metals."
How big is the opportunity? Research and Markets says the metal recycling market size is estimated to be USD 551.9 billion in 2024, and it is projected to reach USD 767.9 billion by 2029.
Tapping into the growth story, Greenwave Technology Solutions, Inc. (NASDAQ: GWAV), an operator of metal recycling facilities in Virginia, North Carolina and Ohio announced today that it has completed its recapitalization., significantly strengthening its balance sheet.
Greenwave's Recent Highlights:
On track to generate record revenues exceeding $40 million driven by volume of steel and copper processed in 2024
Strengthened balance sheet by approximately $80.5 million since February
Attracts $45.3 million in new capital infusions since March
Current cash balance of over $26 million
Strongest cash position in Company history
Business plan is now fully funded
No current need to raise additional capital
Company is now in full compliance with all Nasdaq listing requirements
Intends to utilize additional cash flow from operations to aggressively grow and increase processing volume
Anticipates starting operations of its second shredder this summer
Plans to expand its wholly-owned technology platform, ScrapApp.com, nationwide and continue AI development
Plans to enhance margins of its downstream processing system with implementation of new copper extraction technology
Evaluating accretive acquisitions and strategic partnerships
Chairman and CEO exchanged approximately $17.2 million of debt into equity
Another recycler, Li-Cycle Holdings Corp., a leading global lithium-ion battery resource recovery company announced at the end of May that it had entered into a partnership with Daimler Truck North America for recycling lithium-ion batteries.
From the news: Li-Cycle and DTNA have a partnership to recycle lithium-ion batteries from DTNA electric vehicles that reach the end of their life cycle. Recycling lithium-ion batteries is part of DTNA's plans to maximize battery lifespans and reduce material waste to tackle global sustainability challenges. DTNA's strategy emphasizes repairing, remanufacturing, repurposing, and recycling lithium-ion battery materials.
"We are proud to partner with companies such as DTNA to support their sustainability and carbon reduction goals," said Ajay Kochhar, Li-Cycle President and CEO. "Our environmentally friendly and safe recycling technologies can recover critical materials to help create a domestic closed-loop battery supply chain, giving new life to these battery materials and helping power the world's transition to clean energy."
Radius Recycling, Inc. , is one of the largest manufacturers and exporters of recycled metal products in North America with operating facilities located in 25 states, Puerto Rico, and Western Canada. Radius has seven deep water export facilities located on both the East and West Coasts and in Hawaii and Puerto Rico.
As one of North America's largest metals recyclers, Radius facilities acquire, process, and recycle millions of long tons of ferrous metals and hundreds of millions of pounds of nonferrous metals every single year. These recycled metals represent critical feedstock in the global economy, supporting production of bridges, buildings, cars, public transit and passenger rail systems, and appliances, as well as more metal-intensive technologies, such as wind turbines, hydropower dams, advanced battery storage systems, upgraded electricity lines and electric vehicle charging stations, new broadband and reliable high-speed internet technology, and data centers.
In their May investor presentation they note the Drivers for Recycled Metals Demand:
Increased metal intensity, including copper and aluminum, of lower carbon-based technologies (e.g., EVs, renewable energy, development of"smart grids")
Anticipated structural shortage of critical materials (e.g., copper, nickel and lithium)
Global EAF steelmaking production growth
Domestic investments related to Infrastructure
Investment and Jobs Act, Inflation Reduction Act, and Buy Clean provisions
Steel Dynamics, Inc. is one of the largest domestic steel producers and metals recyclers in North America, based on estimated annual steelmaking and metals recycling capability, with facilities located throughout the United States, and in Mexico.
In the first quarter earnings they reported, "Compared to the sequential fourth quarter, first quarter 2024 operating income from the company's metals recycling operations increased to $23 million, based on increased demand supporting higher volume and metal spread expansion. Domestic steel production utilization increased from 74 percent in the sequential fourth quarter to 77 percent in the first quarter 2024. The team did an excellent job executing in a falling price environment since December 2023 before prices stabilized in April."
Looking ahead to its potential growth, Greenwave Technology Solutions, Inc. (NASDAQ: GWAV), says on its site, " We have recently implemented several technologies to increase metal processing volumes and operating efficiencies, including a cloud-based ERP system to manage inventories and operations along with a website with live metal prices for each location."
"We believe that these systems will create a solid foundation on which we can rapidly expand our facilities and scale our operations."
Also as part of its strategy, GreenWave's wholly-owned subsidiary, Scrap App, Inc. ("Scrap App") previously announced it launched new AI-powered features to optimize pricing and sales. Greenwave anticipates Scrap App's planned national expansion, coupled with its AI strategy, will accelerate growth.
From the news: Greenwave is one of the first companies to utilize artificial intelligence in the $42.3 billion U.S. scrap metal industry (1). Scrap App has generated hundreds of thousands of dollars in revenue from end-of-life vehicles in the limited markets in which it's currently available -- Hampton Roads, VA, Richmond, VA, and Cleveland, OH.
American Recycler says, "There is indication that the metals recycling market is on the brink of substantial expansion, driven by the urgent need for an increased supply of critical minerals essential for the clean energy transition."
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