Greenwave Technology Solutions

What Greenwave Technology Solutions does

Greenwave Technology Solutions, Inc. (NASDAQ: GWAV) is a publicly traded metal recycling company that operates through its wholly-owned subsidiary Empire Services, Inc. The company collects, classifies, and processes ferrous and non-ferrous scrap metal at 13 strategically located recycling facilities across Virginia, North Carolina, and Ohio, with proximity to Naval Station Norfolk and the Port of Virginia providing access to prime scrap from defense contractors and logistics operations. Greenwave supplies mill-ready scrap metal to major U.S. steel producers including Nucor Corporation, Sims Metal, Cleveland-Cliffs, and Georgia-Pacific, with FY2023 revenue of $35.67M and FY2025 guidance raised to $47-50M driven by domestic tariff tailwinds, a second automotive shredder, and government contract wins. Customer concentration is meaningful, with Sims Metal alone representing $20.7M (approximately 58%) of FY2023 revenue.

The company's core technology infrastructure centers on two American Pulverizer 60x85 automotive shredders, a downstream processing system at the Kelford NC facility with an Orbcon PTV balling mill for copper extraction (generating $38,000/day at margins exceeding 80%), and a cloud-based ERP system managing inventory across 13 facilities. The proprietary ScrapApp.com mobile and web platform facilitates end-of-life vehicle purchases for consumers and small businesses, currently available in Hampton Roads VA, Richmond VA, and Cleveland OH markets. An AI pricing engine is in development, intended to leverage tens of thousands of proprietary transactions across 20+ metal grades to optimize real-time pricing. Other equipment assets include high-capacity metal balers, wire strippers, and shear balers for non-ferrous processing.

Greenwave's business model is commodity-based pricing on scrap metal sales to enterprise steel mill customers, supplemented by government contract revenue (municipal recycling, disaster recovery, infrastructure) and transaction-based consumer revenue through ScrapApp.com. The company maintains 20-year supply relationships with enterprise customers and pursues government contracts at federal, state, and municipal levels, including a $15-35M Hurricane Helene recovery subcontract through the U.S. Army Corps of Engineers. Recent strategic actions include December 2024 real estate acquisitions for seven facilities (reducing annual rent by approximately $1.7M), recapitalization that strengthened the balance sheet by approximately $80.5M since February 2024, and elimination of all convertible debt. The company projects 75% of revenue will stem from domestic sales in 2025, up from 41% over the previous four years.

Name

Greenwave Technology Solutions

Legal name

Greenwave Technology Solutions, Inc.

Website

https://gwav.com

Company type

Public

Founded year

2021

Operating status

Operating

Headcount range

101–250 employees

Short description

Greenwave Technology Solutions (NASDAQ: GWAV) operates 13 metal recycling facilities across Virginia, North Carolina, and Ohio through subsidiary Empire Services, Inc., supplying ferrous and non-ferrous scrap metal to major steel producers including Nucor, Sims Metal, and Cleveland-Cliffs, while also offering the ScrapApp.com platform for end-of-life vehicle transactions.

Ownership category

akta.pro rank

Product category

Scrap Metal Recycling

NAICS

Materials Recovery Facilities (56292), Nonferrous Metal (except Aluminum) Production and Processing (3314), Nonferrous Metal (except Aluminum) Smelting and Refining (33141)

SIC

Wholesale-Metals Service Centers & Offices (5051), Refuse Systems (4953)

akta.pro primary industry

Ferrous Scrap Processing & Recycling (Steel/Iron) (EUAIAJAA)

akta.pro secondary industries

Non-Ferrous Scrap Processing & Recycling (Aluminum, Copper, Brass, Lead, Zinc) (EUAIAJAB), Auto Shredding & Metal Fragmentation (Shredder Operations) (EUAIAJAD), Scrap Collection, Brokerage & Trading (Dealers, Aggregators, Exporters) (EUAIAJAH), Metals Recycling & Processing (Ferrous/Non-Ferrous) (BPALADAF)

Keywords

• Scrap metal recycling
• Ferrous metal processing
• Non-ferrous recycling
• Metal shredding services
• Automotive recycling

Headquarters

HQ city

Chesapeake

HQ country

United States

HQ region

North America

Offices10 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Ferrous and Non-Ferrous Scrap Metal Sales: Primary revenue stream from collecting, classifying, processing, and selling raw scrap metal (ferrous and non-ferrous) to steel mills and industrial manufacturers. Revenue from Sims Metal was $20.7M in 2023 and $18.0M in 2022. The company projects 75% of revenue will stem from domestic sales in 2025, up from 41% over the previous four years. Government contracts for recycling 550,000 pounds of non-ferrous metal estimated to add approximately $2 million in Q4 2024 and Q1 2025 revenues.
2. ScrapApp.com Platform: Technology platform revenue from end-of-life vehicle purchases and potentially transaction fees for facilitating scrap metal transactions. Generated over $200,000 in revenue from cars purchased through Scrap App during its first 130 days. A competitor reportedly generated $159 million in annual revenue. Greenwave believes the efficiencies created by vertical integration of key stages of the car scrapping process could lead to significant competitive advantages.
3. Disaster Recovery Services: Hurricane Helene recovery contract with Core Tree Care, Inc. related to an Army Corps of Engineers prime contract. Expected to generate $15-35 million in revenue by March 31, 2026. Involves removal and processing of trees in several counties outside of Asheville, NC using Vermeer and Morbark Wood Grinders equipment.
4. Real Estate Savings: The company recently acquired the real estate for seven of its core facilities, reducing annual rent expenses by approximately $1.7 million. This enhances cashflow and positions the company for future growth and potential high-value strategic transactions.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels4 records

Core offering

Greenwave Technology Solutions, through its wholly-owned subsidiary Empire Services, Inc., operates 13 metal recycling facilities across Virginia, North Carolina, and Ohio that collect, classify, and process ferrous and non-ferrous scrap metal for sale to major U.S. steel producers and industrial customers. The company supplements its metal recycling operations with a proprietary ScrapApp.com mobile and web platform for end-of-life vehicle purchases and scrap metal transactions, equipped with an AI-driven pricing engine. It also pursues government contracts for disaster recovery and metal recycling services at municipal, state, and federal levels.

Product overview

Greenwave Technology Solutions operates a metal recycling business through its wholly-owned subsidiary Empire Services, Inc., managing 13 metal recycling facilities across Virginia, North Carolina, and Ohio. The company's product portfolio centers on collecting, classifying, and processing ferrous and non-ferrous scrap metal, complemented by its technology platform ScrapApp.com for end-of-life vehicle transactions. Key equipment assets include American Pulverizer 60x85 shredders for automotive shredding, a downstream processing system for metal recovery from shred residue, copper extraction systems, metal balers, wire strippers, and shear balers. The infrastructure enables processing of scrap metal for steel mills including Nucor, Sims Metal, Cleveland-Cliffs, and Georgia-Pacific.

Differentiator

Problem solved

Functional benefit

Products and services

• Empire Services Metal Recycling Operations Wholly-owned subsidiary operating 13 metal recycling facilities that collect, classify, and process ferrous and non-ferrous scrap metal for sale to domestic steel mills and industrial customers.
• ScrapApp.com Mobile and Web Platform Mobile and web platform for end-of-life vehicle purchases and scrap metal transactions, featuring an AI-driven pricing engine trained on proprietary transaction data across 20+ grades of ferrous and non-ferrous metals; available in Hampton Roads VA, Richmond VA, and Cleveland OH markets.
• Downstream Processing and Copper Extraction System Processing system at the Kelford, NC facility that recovers millimeter-minus pieces of metal from automotive shred residue (fluff), with an Orbcon PTV balling mill extracting copper at profit margins exceeding 80%.
• Shear Baler Processing Equipment State-of-the-art shear baler at the Cleveland, OH facility used to shear car bodies and heavy metals, significantly expanding production capacity for ferrous and non-ferrous processing.
• Metal Baler, Wire Stripper, and Shears Operations High-capacity metal baler, wire stripper, and shears at the Portsmouth, VA non-ferrous facility that compact metal into dense bales, process copper wiring, and cut metals to size for shipping, significantly reducing labor and processing costs.
• Disaster Recovery and Debris Removal Services Tree removal and processing services in several counties outside Asheville, NC as part of Hurricane Helene disaster recovery, using Vermeer and Morbark Wood Grinders equipment under an Army Corps of Engineers prime contract.

Quantifiable outcome

• Revenue from Sims Metal of $20.7M in 2023 and $18.0M in 2022
• +5 more outcomes

Named customers7 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Feature5 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Core Tree Care, Inc.coreStrategic or Co-development Partner · 9 December 2024Strategic partnership for Hurricane Helene disaster recovery services. Greenwave contracted through Core Tree Care, Inc., which holds a prime contract with the U.S. Army Corps of Engineers. Greenwave provides tree removal and processing services in several counties outside Asheville, NC. Expected to generate $15-35 million in revenue by March 31, 2026. Operating advanced equipment including one Vermeer and two Morbark Wood Grinders valued at $1.4 million each.
• Sims MetalcoreStrategic or Co-development PartnerTwenty-year relationship with the world's largest scrap metal company. Greenwave generated $20.7 million and $18.0 million in revenue from Sims Metal in 2023 and 2022, respectively. This long-standing relationship underscores market confidence in Greenwave's operational capabilities and material quality.
• Nucor CorporationcoreStrategic or Co-development PartnerLong-standing supply relationship with Nucor, one of the largest U.S. steel producers. Greenwave supplies Nucor's Hertford mill with steel for critical applications including bridges, heavy equipment, and warships vital to American national security interests including the $13 billion USS Gerald Ford aircraft carrier. Company positioned to benefit from 2025 opening of Nucor's Lexington, NC facility with 430,000-ton annual processing capacity.
• Cleveland-Cliffs, Inc.coreStrategic or Co-development PartnerSupply relationship with Cleveland-Cliffs, one of North America's largest steel producers. Greenwave provides reliable supply of mill-ready scrap metal for Cleveland-Cliffs' operations.
• Georgia-PacificminorStrategic or Co-development PartnerSupply relationship with Georgia-Pacific, a major manufacturing conglomerate. Greenwave provides reliable supply of mill-ready scrap metal for their operations.

Scale indicators16 records

Recent moves9 records

Expansion highlights6 records

Broad incumbents

• Nucor Corporation: Largest U.S. steel producer and a core Greenwave customer; increasingly verticalizing into scrap supply through acquisitions like Garden Street Iron & Metal, positioning it as both a buyer and potential competitor.
• Republic Services: Large publicly traded waste and recycling company operating materials recovery facilities (MRFs) and metal recycling operations at much greater scale; relevant comparable for Greenwave's recycling and end-of-life vehicle activities.
• Waste Management Inc. Largest U.S. waste and environmental services company with metals recycling operations at scale; a broader incumbent against which Greenwave competes for C&D and end-of-life metal streams.
• Steel Dynamics: Flat-rolled steel producer that acquired Roca Acero for $90M and is vertically integrating scrap supply, making it a customer-and-competitor comparable for Greenwave in the recycled steel value chain.
• Cleveland-Cliffs: Major North American steel producer and Greenwave customer that acquired Ferrous Processing & Trading for $775M, demonstrating the strategic push by steelmakers into captive scrap supply.

Emerging players

• Copart: Online auction platform for salvage and end-of-life vehicles; comparable to Greenwave's ScrapApp.com vertical in vehicle disposition, though Copart uses an auction model rather than direct purchase.
• IAA (Insurance Auto Auctions) / RBA Group: Major salvaged vehicle auctioneer (now part of Ritchie Bros.) that competes for end-of-life vehicle supply. Comparable to Greenwave's ScrapApp platform, with a much larger installed base of buyers and sellers.

Direct peers

• Radius Recycling (formerly Schnitzer Steel): U.S. publicly traded ferrous and non-ferrous scrap metal recycler operating yards and shredders on the West Coast and beyond; a directly comparable public benchmark for Greenwave's core business model.
• EMR Group: One of the world's largest metal recyclers with yards, shredders, and downstream processing. UK-headquartered but operates globally with the same ferrous/non-ferrous collection-to-mill business model as Greenwave.
• Sims Metal Management: World's largest publicly traded scrap metal recycler and a 20-year customer of Greenwave. Operates yards, shredders, and downstream processing globally with very similar product and end-market overlap.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/greenwavetechnologysolutions

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries3 records

Funding overview

Funding rounds5 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Greenwave Technology Solutions