I take this to mean that if you discard 5 Metal Energy, you choose and deal damage, then choose and deal damge, a total of 5 times. This is consistent with the line "You may choose the same Pokemon more than once," since that implies that there is an option not to.
However, does this also mean that the damage modifiers are applied multiple times? In the PTCGO, this is true, which means that discarding 2 Metal Energy allows you to do 140 damage simply using Giovanni's Scheme and Muscle Band, leading to it being banned ingame: https://www.reddit.com/r/ptcgo/comments/4l8fit/bronzong_break_banned/