Second shredder is expected to double
Greenwave's ferrous metal processing capacity
CHESAPEAKE, Va., Feb. 15,
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 it received notification from Dominion Energy that its
second automotive shredder is scheduled to be connected to the
power grid no later than April 9,
2024 and will commence operations shortly thereafter. The
Company's second automotive shredder is expected to double
Greenwave's ferrous metal processing capacity.
Greenwave's existing automotive shredder – an American
Pulverizer 60x85 – is the same make and model as its second one,
providing the Company expertise in its operation and maintenance.
By shredding the steel which we currently sell unshredded, we
anticipate that we will be able to generate approximately 30% more
revenue with significant margins on that steel volume.
Greenwave is on track to generate record revenues with record
volume of steel processed in 2024.
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