Company's Downstream Processing System
Generated Record Revenues in May
2024
Greenwave Reiterates its Confidence in
Exceeding Revenue Guidance of $40
million Driven by Both Increased Volume and Higher
Prices
Copper Prices Hit an All-Time High in
May 2024 Due to Demand for Electric
Vehicles and AI Technologies(1)
CHESAPEAKE, Va., June 5, 2024
/PRNewswire/ -- Greenwave Technology Solutions, Inc. ("Greenwave"
or the "Company") (Nasdaq: GWAV), an operator of metal recycling
facilities in Virginia,
North Carolina, and Ohio, announced today that its downstream
processing system generated record revenues in May 2024, driven by both increased volume and
higher prices.
According to a May 27, 2024
Credendo Research Report, Copper Sector: Record-Breaking Copper
Prices Amid Speculations of Supply Shortages, demand for copper
is being driven by a, "boom in investments in green technologies
(e.g. renewables and electrical vehicles) and in AI
technologies(1)."
In July 2023, Greenwave commenced
operation of a downstream processing system at its Kelford, North Carolina facility, enabling the
Company to recover millimeter-minus pieces of metal from its
automotive shred residue or "fluff" as it is known in the industry.
The Company has invested more than $500,000 in an Orbcon PTV balling mill, focused
on extracting copper from the shred residue.
Greenwave is on track to generate record revenues driven by the
volume of steel and copper processed in 2024. Copper prices hit an
all-time high in May 2024.
(1) https://credendo.com/en/knowledge-hub/copper-sector-record-breaking-copper-prices-amid-speculations-supply-shortages
About Greenwave
Greenwave Technology Solutions, Inc.,
through its wholly owned subsidiary Empire Services, Inc.
("Empire"), is an 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).
Steel is one of the world's most recycled products with the
ability to be re-melted and re-cast numerous times. 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
