New infrastructure and technology coming online
to significantly increase processing capacity, resulting in
increased annual revenues
CHESAPEAKE, Va., Aug. 29,
2023 /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 its Orbcon PTV balling mill is expected to commence
operations in September 2023. The
balling mill is expected to significantly increase the copper
recovery yields in the downstream processing of Greenwave's
automotive shred residue, adding to revenues and gross margins.
In July 2023, Greenwave commenced
operation of a downstream processing system at its Kelford, NC facility, enabling the Company to
recover millimeter-minus pieces of metal from Greenwave's
automotive shred residue or "fluff" as it is known in the
industry. The Orbcon PTV balling mill is the final component
of the downstream processing system – focused on extracting copper
from the shred residue – and is expected to result in the
downstream processing system generating more than $1 million per month in revenue by the end of
2023, with profit margins in excess of 80%.
"Greenwave has invested more than $15
million in capital expenditures over the past 18 months,
which are expected to double the Company's ferrous metal processing
capacity, grow our annual revenues to over $50 million, and significantly expand our profit
margins," stated Greenwave Chairman and Chief Executive Officer
Danny Meeks. "We are at an
inflection point in Greenwave's growth trajectory and the Company
is now positioned to significantly expand its footprint of metal
recycling facilities in the coming quarters. We're grateful to
Greenwave's shareholders for their early and continued support – we
look forward to reporting back on our progress."
The Company has completed the installation of its second
automotive shredder at its Carrollton facility to process cars, household
appliances, and industrial products. The shredder is expected to
commence operation as soon as the electrical infrastructure is
completed this quarter, and will double the Company's ferrous metal
processing capacity. By selling its ferrous metal as shredded,
rather than unshredded, Greenwave generates approximately 33% more
revenue with profit margins in excess of 60%.
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. Such
factors include market conditions, the ability of the Company to
satisfy all conditions precedent to the closing of the registered
direct offering, and the completion of the registered direct
offering. 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