CHESAPEAKE, Va., Dec. 9, 2024
/PRNewswire/ -- Greenwave Technology Solutions, Inc. (Nasdaq:
GWAV), a leader in sustainable metal recycling across Virginia, North
Carolina, and Ohio, is on
track to generate $15 – $35 million in revenue through a contract with
Core Tree Care, Inc., related to a prime contract with the Army
Corps of Engineers. This high-value contract highlights Greenwave's
ability to secure strategic partnerships in critical infrastructure
recovery efforts.
As part of the extensive recovery efforts in the aftermath of
Hurricane Helene, the deadliest U.S. hurricane since Katrina in
2005, Greenwave is playing a significant role in removal and
processing of trees in several counties outside of Asheville, North Carolina.
Operating advanced equipment, including one Vermeer and two
Morbark Wood Grinders valued at $1.4
million each, the Company is applying the skills and
knowledge gleaned from its two decades in metal recycling to wood
recycling – a new revenue stream for Greenwave.
Proven Track Record of Delivering Federal Contracts
Chairman and CEO Danny Meeks, a
seasoned industry expert with over two decades of experience,
brings unmatched expertise in disaster recovery and recycling.
Notably, a company owned by Mr. Meeks was awarded a $100 million federal subcontract for the removal
of debris from New Orleans in the
aftermath of Hurricane Katrina, overseeing a massive logistics
operation involving 1,500 trucks and 5,000 personnel over a
two-year period.
This proven track-record of executing large-scale government
contracts positions Greenwave to secure and execute contracts for
disaster recovery along with other strategic opportunities. This
new revenue channel is expected to generate $15 to $35 million
in revenue, along with healthy free cashflow by March 31, 2026.
Strategic Growth Initiatives
Greenwave continues to prioritize government contracts as a key
driver of revenue and cash flow growth. Its current portfolio
includes critical infrastructure projects such as the Hampton Roads
Bridge Tunnel expansion, agreements with numerous municipalities to
recycle abandoned cars, and fulfillment of several contracts
awarded by the U.S. Federal Government.
Leveraging its proximity to the Port of Virginia and the largest naval base in
United States, Naval Station
Norfolk, Greenwave's recycling operations are uniquely positioned
to capitalize on the consistent supply of prime scrap metal
generated by ancillary shipyards, cargo facilities, and defense
contractors.
Projected Financial Impact
With the Core Tree Care, Inc. subcontract, related to an Army
Corps of Engineers prime contract, expected to deliver robust
revenue growth and free cash flow in the coming quarters, Greenwave
anticipates continued financial momentum. Its strategic focus on
securing high-value government contracts underscores the company's
commitment to consistent revenue growth and building long-term
shareholder value.
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
