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., Jan. 19, 2024 /PRNewswire/ -- 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 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.
About Greenwave
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.
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