Second Automotive Shredder at Greenwave Expected to Materially Increase Carrollton Facility’s Revenues Beginning in Q4 2023
September 28, 2023
Additional Shredder to Double Greenwave’s Ferrous Metal Processing Capacity
Greenwave Poised to Expand to 20+ Metal Recycling Facilities
(Chesapeake, VA) September 28, 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 it expects its second automotive shredder to materially increase its Carrollton facility’s revenue in Q4 2023. The Company’s second automotive shredder will double Greenwave’s ferrous metal processing capacity and facilitate its planned expansion to more than 20 metal recycling facilities in the coming months.
“Greenwave now boasts some of the most robust and technologically advanced infrastructure for processing scrap metal on the East Coast, positioning the Company for rapid expansion,” stated Greenwave Chief Executive Officer, Danny Meeks. “This expansion enables Greenwave to continue meeting our customers’ growing demands for mill-ready shred and other recycled metals. We’re grateful to our shareholders for their patience and look forward to keeping investors updated on our progress.”
The installation of Greenwave’s second automotive shredder marks the end of its multi-year capital
expenditure cycle, during which the Company has allocated over $15 million to upgrade its infrastructure and equipment in the past 18 months. This initiative is set to double its ferrous metal processing capacity compared to fiscal 2022 levels and positions the Company to strategically expand to more than 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.