Greenwave Expects Optimal Market Conditions in 2023
January 30 2023 - 10:23AM
Greenwave Technology Solutions, Inc. ("Greenwave" or the "Company")
(NASDAQ: GWAV), a leading operator of metal recycling facilities in
Virginia and North Carolina, is pleased to share that it expects
optimal market conditions for scrap metal recycling throughout 2023
and for the foreseeable future, with prices for many of Greenwave’s
products near record highs.
As stated in the Goldman Sachs Research Report 2023 Commodity
Outlook: An Underinvested Supercycle dated December 14, 2022[1],
“From a fundamental perspective, the setup for most commodities
next year is more bullish than it has been at any point since we
first highlighted the supercycle in October 2020.” Driven by
depleted global inventories, lack of capex investments to create
new supply sources, and increasing demand from China, it is widely
expected that commodity prices will rise in 2023[1][2].
Over the past twelve months, Greenwave has invested over $10
million in its scrap metal processing infrastructure, which is
expected to double the Company’s scrap metal processing capacity
and significantly increase its margins, once all systems are
online. Greenwave’s second automotive shredder and downstream
processing system are on schedule to commence operations during the
first quarter of 2023, resulting in the Company having the
infrastructure to economically support significant expansion.
“Over the past 19 years, our team and I have navigated Empire
through numerous commodity cycles and this one is by far the most
exciting,” stated Danny Meeks, Greenwave’s Chief Executive Officer.
“We’ve heavily invested in our infrastructure over the past year so
that we can meet the growing needs of our domestic and
international customers, while providing the best possible prices
to our corporate, municipal, and individual suppliers. We believe
the infrastructure investments we’ve made these past several months
will likely create significant shareholder value in 2023.”
[1]
https://www.goldmansachs.com/insights/pages/gs-research/2023-commodity-outlook-an-underinvested-supercycle/report.pdf[2]
https://www.bloomberg.com/opinion/articles/2022-12-29/oil-wheat-copper-and-other-commodities-will-enjoy-price-rises-in-2023
About Greenwave Greenwave Technology Solutions,
Inc., through its wholly owned subsidiary Empire Services, Inc.
(“Empire”), is a leading operator of metal recycling facilities in
Virginia and North Carolina. At these facilities, Empire collects,
classifies, and processes raw scrap metal (ferrous and nonferrous)
for recycling. Steel is one of the world’s most recycled products
with the ability to be re-melted and re-cast numerous times while
offering significant economic and environmental benefits when
compared with virgin materials. For more information, please
visit https://www.greenwavetechnologysolutions.com/. Check us
out on all social media platforms:
https://twitter.com/greenwavegwav,
https://www.instagram.com/greenwavegwav and
https://www.youtube.com/@greenwavetechnologysolutions.
Forward-looking StatementsThis 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, and expected completion
of its second shredder and downstream processing system. 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 we believe that our
plans, objectives, expectations and intentions reflected in or
suggested by the forward-looking statements are reasonable, we 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 our
control) and assumptions 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 our common
stock may fluctuate significantly. Forward-looking statements also
are affected by the risk factors described in our filings with the
U.S. Securities and Exchange Commission. Except as required by law,
we undertake 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.
Contact
Info:757-966-1432Info@Greenwavetechnologysolutions.com
Greenwave Technology Sol... (NASDAQ:GWAV)
Historical Stock Chart
From Jun 2024 to Jul 2024
Greenwave Technology Sol... (NASDAQ:GWAV)
Historical Stock Chart
From Jul 2023 to Jul 2024