Envela Plans To Purchase Property For Next Solar-Recycling Facility

Envela Corp 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.