Greenwave Technology Solutions Commences Operation of Metal Baler, Wire Stripper, and Sheers at Non-Ferrous Processing Facility
January 19, 2024
Equipment Expected to Grow Revenues by Tens of Thousands of Dollars per Month with Significant Margins
Automates Certain Manual Processes Required to Process, Transport, and Sell Aluminum and Copper Products
(Chesapeake, VA) January 19, 2023 – Greenwave Technology Solutions, Inc. (“Greenwave” or the “Company”) (Nasdaq: GWAV), a leading operator of metal recycling facilities in Virginia, North Carolina, and Ohio, today announced that its has commenced operation of a metal baler, wire stripper, and three sheers at its non-ferrous processing facility in Portsmouth, VA.
The high capacity metal baler is capable of compacting large amounts of metal into dense bales – significantly reducing the amount of labor and cost required to process, transport, and sell copper and aluminum products. By condensing more material into each load of metal it sells, the Company will be able to reduce transportation costs and realize a greater profit margin. Further, the Company will be able to more easily export its products to domestic and international clients, potentially increasing the revenues generated by its products.
Greenwave recently completed its multi-year capex cycle, under which the Company has invested more than $15 million in its infrastructure and equipment over the past 24 months. This capex cycle is expected to double its ferrous metal processing capacity from fiscal 2022 levels and result in the Company having the infrastructure to accretively scale to over 20 metal recycling facilities.
Greenwave Technology Solutions, Inc., through its wholly owned subsidiary Empire Services, Inc.
(“Empire”), is a leading operator of 13 metal recycling facilities in Virginia, North Carolina, and Ohio. The Company’s recycling facilities collect, classify, and process raw scrap metal (ferrous and nonferrous) and implement several unique technologies to increase metal processing volumes and operating efficiencies, including a downstream recovery system and cloud-based ERP system.
Steel is one of the world’s most recycled products with the ability to be re-melted and re-cast numerous times. Recycling steel provides key environmental benefits over virgin metals, including reduced energy use, lower CO2 emissions, lower waste, and conserving natural resources. Greenwave’s customers include large corporations, industrial manufacturers, retail customers, and government organizations. The Company plans to aggressively expand its footprint of locations by acquiring independent, profitable scrap yards in the coming months. For more information, please visit www.GWAV.com.
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.