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Benzinga
Benzinga
Business
Shivani Kumaresan

Envela Plans To Purchase Property For Next Solar-Recycling Facility

  • Envela Corp (NYSE:ELA) subsidiary, Echo Environmental Holdings LLC, has signed an agreement to acquire property for its solar-recycling facility in Arizona.
  • The purchase is expected to expand the company's capacity to recycle solar panels, PV cells, inverters, and other PV-system components.
  • The property is located near the company's Chandler IT asset-disposition (ITAD) facility in Mesa, Arizona.
  • The company expects the purchase to close in the third quarter of 2022.
  • Echo offers sustainable end-of-life solutions for photovoltaic (PV) electric-generative systems through refurbishing, reuse, and recycling.
  • Price Action: ELA shares traded lower by 5.48% at $5.00 on the last check Friday.
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