Initial value estimates at over $500,000 in revenues
Company secures exclusive operations in
Virginia's largest city and
industrial hub, home to several military bases, advanced
manufacturers, and defense contractors
Leveraging municipal and federal agreements
further establishes Greenwave's leadership in metal
recycling
CHESAPEAKE, Va., Jan. 23,
2025 /PRNewswire/ -- Greenwave Technology
Solutions, Inc. (Nasdaq: GWAV), a prominent leader in sustainable
metal recycling across Virginia,
North Carolina, and Ohio, announces its exclusive contract win
with the City of Virginia Beach—the state's largest city and
industrial hub. Under this strategic agreement, Greenwave becomes
the city's sole provider for scrap metal recycling services,
strengthening its market presence and reaffirming its reputation as
a trusted reputable metal recycling provider.
As detailed in the contract's Scope of Services, the
City of Virginia Beach generated
800 tons of ferrous metal and 179,000 pounds of
non-ferrous scrap metal in 2023, translating into an
anticipated revenue stream of over $500,000 for Greenwave in the upcoming
year.
Key Competitive Advantages:
- Exclusive Market Presence: As the only metal
recycling facility in Virginia
Beach, Greenwave's operation benefits from strategic
proximity to NAS Oceana and the region's industrial
hub.
- Barriers to Entry: A robust portfolio of
operational licenses, safeguarded by municipal regulations, ensures
limited competition in this highly regulated market.
- Real Estate Investment: The recent acquisition of
key facility real estate in Carrollton, Virginia
Beach and Toano fortifies
Greenwave's position and prepares the Company for future strategic
transactions.
Strategic Growth Trajectory:
Greenwave continues to
prioritize government contracts as a cornerstone of its
growth strategy, leveraging key relationships across municipal and
federal sectors. Notable initiatives include:
- Partnerships for large-scale infrastructure projects such as
the Hampton Roads Bridge Tunnel expansion.
- Agreements with numerous municipalities for recycling
abandoned vehicles.
- Contracts supporting U.S. Federal Government
operations.
Located near Naval Station Norfolk, the world's largest
naval base, and the Port of Virginia, Greenwave taps into an abundant
supply of prime scrap metal from defense contractors, shipyards,
and logistics operations.
Greenwave's Vision:
With unmatched market positioning, a robust contract pipeline, and
proximity to key supply chains, Greenwave is poised for long-term,
sustainable growth and value creation for its stakeholders.
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
