Envela Subsidiary Plans Expansion of Solar Panel Recycling Capabilities with Mesa Location
Envela Corporation (NYSE American: ELA) announced that its subsidiary, Echo Environmental Holdings, has signed an agreement to purchase property for a solar-recycling facility near Mesa, Arizona. This project aligns with Echo's mission to provide sustainable solutions for photovoltaic systems via refurbishing and recycling. While the purchase is pending customary due diligence and may close in Q3 2022, it aims to enhance service capacity for solar companies and reduce landfill waste. Echo collaborates with major industry players to recover valuable materials from solar components.
- The acquisition of property for a new solar-recycling facility indicates potential growth in operations.
- The investment aligns with the increasing demand for sustainable solutions in solar energy recycling.
- The purchase is subject to customary due diligence, creating uncertainty about completion.
- There is no guaranteed timeline for the acquisition's closure, which could delay operational enhancements.
CARROLLTON, TX / ACCESSWIRE / April 22, 2022 / Echo Environmental Holdings, LLC ("Echo"), a subsidiary of Envela Corporation (NYSE American:ELA) (the "Company"), today reported that through an affiliate it has signed an agreement to purchase property for its next solar-recycling facility, located near its Chandler IT asset-disposition (ITAD) facility in Mesa, Arizona.
The contemplated purchase is subject to customary due diligence, and there is no guarantee that it will close. If it does close, it is anticipated to occur in the third quarter of 2022.
Echo is among the pioneers in offering sustainable end-of-life solutions for photovoltaic ("PV") electric-generative systems through refurbishing and reuse, and recycling. Refurbishing solar panels leads to more clean-energy production. And recycling helps reduce landfills, recaptures raw-materials, and recovers value.
According to the International Energy Agency, the world used approximately 46 million metric tons of solar panels to generate 821 terawatt-hours of electricity (about
Echo works with some of the largest original equipment manufacturers; portfolio owners; developers; operations and maintenance (O&M) businesses; and engineering procurement and construction (EPC) companies throughout the United States.
Through the contemplated purchase, Echo seeks to better serve its growing customer base of solar companies and expand its capacity to recycle solar panels, PV cells, inverters, and other PV-system components. Recycling these items reduces landfills, recaptures raw-materials, and recovers value. Strategically placing recycling facilities nearer to its customers-in areas of dense utilities use and commercial solar-panel projects-makes the process more affordable for them.
About Echo Environmental
Based in Carrollton, Texas, Echo is an electronics de-manufacturer and refurbishment processor in the aftermarket supply chain. Echo provides electronics recycling and asset-management solutions for many of the Fortune Global Top 10 Companies; OEMs; retailers; and federal, state, and local governments. Echo recycles equipment to its individual commodity components in accordance with ISO 9001:2008, ISO 14001:2004 and R2 practices.
About Envela
Envela is the North American re-commerce leader, enabling a better world via the circular economy. It empowers buyers and sellers to extend the useful life of specialty and durable goods, and to seize retail, recycling, and reverse-logistics supply-chain opportunities. This financially benefits consumers and manufacturers alike. Envela operates primarily via two re-commerce business segments, DGSE and ECHG. DGSE (Envela's B2C portfolio) operates retail stores and online sites offering luxury hard assets and precious metals, including gold, silver, and diamonds. ECHG (Envela's B2B portfolio) re-commercializes consumer electronics and IT equipment, and also provides end-of-life recycling services for products in a variety of industries. Envela conducts its re-commerce operations at retail and wholesale levels, through distributors, resellers, dedicated stores, and online. Holdings in all of Envela's business units have recognized multiple years of growth.
Additional information about Envela is available at its investor-relations site, Envela.com.
Forward-Looking Statements
This press release includes statements that may constitute "forward-looking" statements, including statements regarding potential purchases, acquisitions, expansion, and the potential future success of business lines and strategies. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, market conditions and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release except as required by law.
Investor Relations Contact:
Investor Relations
1901 Gateway Drive | Irving, TX 75038
investorrelations@envela.com
SOURCE: Envela Corporation
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