PALM BEACH, Fla., June 18, 2024 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - The scrap metal markets are projected to continue to grow in the coming years. Scrap metals collected from various sources are raw materials used in metal recycling. Scrap metals are separated and processed several times to yield recycled metals. A report from Precision Reports said that the global Metal Recycling market was valued at US$ 292860 million in 2023 and is anticipated to reach US$ 386740 million by 2030, witnessing a CAGR of 3.6% during the forecast period 2024-2030. The report said: “Metal recycling is the process of collecting, processing, and reusing or remanufacturing metal materials from various sources, such as discarded products, industrial waste, and construction materials. Recycling metals helps conserve natural resources, reduce energy consumption, and minimize environmental impacts associated with mining and metal production.” Precision Reports concluded: “Overall, metal recycling is a sustainable practice that plays a vital role in reducing waste, conserving resources, and mitigating environmental impacts. It is an essential component of the circular economy, where materials are continuously reused and recycled to minimize waste and promote sustainability.” Active companies in the markets this week include Greenwave Technology Solutions, Inc. (NASDAQ: GWAV), Commercial Metals Company (NYSE: CMC), Alcoa Corporation (NYSE: AA), Li-Cycle Holdings Corp. (NYSE: LICY), LKQ Corporation (NASDAQ: LKQ).
A report from Market Research Future added: “North America metal recycling market accounts for the second-largest market share due to the rising demand for metals in the automotive industry and the growing trend to decrease metal waste and carbon footprint across nations, particularly in the U.S. and Canada. About 42% of the crude steel produced in North America is made from recycled materials, demonstrating the crucial role recycling plays in this region. The nation produces a considerable amount of secondary aluminum. Further, the U.S. metal recycling market held the largest market share, and the Canada metal recycling market was the fastest-growing market in the North American region.”
Greenwave Technology Solutions Completes Recapitalization –
- Company Strengthens Balance Sheet by $80.5 Million since February
- Greenwave Attracts $45.3 Million in New Capital Infusions since March
- Company’s Business Plan Fully Funded with No Current Need for Additional Capital
Greenwave Technology Solutions, Inc. (NASDAQ: GWAV) - (“Greenwave” or the “Company”), an operator of metal recycling facilities in Virginia, North Carolina, and Ohio, announced today the completion of 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
Greenwave Technology Solutions, Inc., through its wholly owned subsidiary Empire Services, Inc. (“Empire”), is an operator of 13 metal recycling facilities in Virginia, North Carolina, and Ohio. The Company’s recycling facilities collect, classify, and process raw scrap metal (ferrous and nonferrous). Steel is one of the world’s most recycled products with the ability to be re-melted and re-cast numerous times. For more information, please visit www.GWAV.com. CONTINUED… Read this full press release and more news for Greenwave Technology at: https://www.gwav.com/press-releases
Other recent developments in the recycling industry of note include:
Commercial Metals Company (NYSE: CMC), in conjunction with its third quarter earnings release for fiscal 2024, invites the public to listen to its conference call that will be broadcast live over the Internet on Thursday, June 20, 2024, at 11:00 a.m. Eastern Time (10:00 a.m. Central) with Peter Matt, President and CEO, and Paul Lawrence, Senior Vice President & CFO. The teleconference will also be available via webcast. To access the webcast (in listen-only mode), please visit CMC's Web site at www.cmc.com.
CMC is an innovative solutions provider helping build a stronger, safer, and more sustainable world. Through an extensive manufacturing network principally located in the United States and Central Europe, we offer products and technologies to meet the critical reinforcement needs of the global construction sector. CMC's solutions support construction across a wide variety of applications, including infrastructure, non-residential, residential, industrial, and energy generation and transmission.
Alcoa Corporation (NYSE: AA) recently announced that it has reached several key milestones in its acquisition of Alumina Limited ("Alumina") and expects the transaction to be completed on or about August 1, 2024, subject to the satisfaction of customary conditions.
The milestones include: Alcoa filed its definitive proxy statement with the Securities and Exchange Commission on June 6, 2024, and scheduled the Special Meeting of Shareholders to vote on the transaction for July 16, 2024.
Alcoa received regulatory approvals from Brazil’s Administrative Council for Economic Defense (CADE) for the acquisition on May 13, 2024; and the Australian Competition and Consumer Commission, which has indicated it does not intend to conduct a public review of the transaction.
Li-Cycle Holdings Corp. (NYSE: LICY) recently announced its proud to support Daimler Truck North America (DTNA) on its goal to integrate a comprehensive circular economy approach across its operations to reduce its carbon footprint.
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.
LKQ Corporation (NASDAQ: LKQ) recently announced the release of its 2023 Global Sustainability Report. The Report describes LKQ's role in driving sustainable success for our customers, our employees, the communities in which we operate and the global circular economy. Additionally, the report includes an enhanced and robust sustainability strategy, demonstrating our approach to managing sustainability risks across each of our operating segments. Our three-pillar sustainability strategy comprises profitably delivering sustainable outcomes, people-led performance as well as strong governance and ethical practices.
"We are pleased to issue this year’s report which demonstrates how our teams are making meaningful progress to achieve our sustainability commitments across our global footprint with an ongoing effort to create long-term value for all stakeholders. I am proud to report that the investments we have made in our sustainability journey thus far have enabled the meaningful and positive outcomes that we are able to share in this year's report" said Dominick Zarcone, President, and Chief Executive Officer.
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