Greenwave to recycle 550,000 pounds of
non-ferrous metal, estimated to increase Q4 2024 and Q1 2025
revenues by approximately $2
million
Leveraging municipal, state, and federal
agreements further establishes Greenwave's leadership in metal
recycling
CHESAPEAKE,
Va., Dec. 12, 2024 /PRNewswire/ -- Greenwave
Technology Solutions, Inc. (Nasdaq: GWAV), a prominent leader in
sustainable metal recycling across Virginia, North
Carolina, and Ohio,
announces it has been awarded an exclusive government contract for
the recycling of 550,000 pounds of non-ferrous metal, estimated to
boost Q4 2024 and Q1 2025 revenues by approximately $2 million.
Key Competitive Advantages:
- Extensive Footprint: Greenwave operates a footprint
of 13 metal recycling facilities with significant market share,
including three hubs – with two focused on processing ferrous metal
and one on non-ferrous metal.
- Barriers to Entry: A robust portfolio of
operational licenses, safeguarded by municipal regulations, ensures
limited competition in this highly regulated market.
- Real Estate Investment: The recent acquisition of
key facility real estate in Carrollton, Virginia
Beach, Toano, along with
four others, fortifies Greenwave's position and prepares the
Company for future strategic transactions.
Strategic Growth Trajectory:
Greenwave continues to prioritize government contracts as a
cornerstone of its growth strategy, leveraging key relationships
across municipal and federal sectors. Notable initiatives
include:
- Partnerships for large-scale infrastructure projects such as
the Hampton Roads Bridge Tunnel expansion.
- Agreements with numerous municipalities for recycling
abandoned vehicles.
- Contracts supporting U.S. Federal Government
operations.
Located near Naval Station Norfolk, the
world's largest naval base, and the Port of Virginia, Greenwave taps into an abundant
supply of prime scrap metal from defense contractors, shipyards,
and logistics operations.
Greenwave's Vision:
With unmatched market positioning, a robust contract pipeline, and
proximity to key supply chains, Greenwave is poised for long-term,
sustainable growth and value creation for its stakeholders.
About Greenwave – One of the Mid Atlantic's
Leading Metal Recyclers
As an operator of 13 metal recycling facilities,
Greenwave Technology Solutions, Inc. (Nasdaq: GWAV) supplies
leading steel mills and industrial conglomerates with ferrous and
non-ferrous metal. With steel being one of the most recycled
materials worldwide, Greenwave supplies the raw metal utilized in
critical infrastructure projects and U.S. warships vital to
American national security interests. Headquartered in Chesapeake, VA, the Company has 167 employees
with metal recycling operations across Virginia, North
Carolina, and Ohio.
For detailed financials and updates, visit
www.GWAV.com.
Forward-looking Statements
This press release contains certain forward-looking statements
within the meaning of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These include, without
limitation, statements about its revenue growth, opening of
additional locations, margin expansion and cashflow projections.
These statements are identified by the use of the words "could,"
"believe," "anticipate," "intend," "estimate," "expect," "may,"
"continue," "predict," "potential," "project" and similar
expressions that are intended to identify forward-looking
statements. All forward-looking statements speak only as of the
date of this press release. You should not place undue reliance on
these forward-looking statements. Although the Company believes
that its plans, objectives, expectations and intentions reflected
in or suggested by the forward-looking statements are reasonable,
the Company can give no assurance that these plans, objectives,
expectations or intentions will be achieved. Forward-looking
statements involve significant risks and uncertainties (some of
which are beyond the Company's control), assumptions and other
factors that could cause actual results to differ materially from
historical experience and present expectations or projections.
Actual results may differ materially from those in the
forward-looking statements and the trading price for the Company's
common stock may fluctuate significantly. Forward-looking
statements also are affected by the risk factors described in the
Company's filings with the SEC. Except as required by law, the
Company undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise, after the date on which the statements
are made or to reflect the occurrence of unanticipated events.
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SOURCE Greenwave Technology Solutions
