Greenwave CEO Danny Meeks to be Interviewed on Good Morning America to Discuss Tariffs on Steel and Aluminum Imports Today

Rhea-AI Summary

Greenwave Technology Solutions (NASDAQ: GWAV) announced that CEO Danny Meeks will be interviewed on Good Morning America by ABC News' Rebecca Jarvis regarding the implementation of tariffs on foreign steel and aluminum imports. The company has strategically accumulated inventory valued at $10+ million with 50%+ margins since November 2024.

Scrap steel prices have increased by over 20% in the past month and are expected to rise further. The company operates 13 metal recycling facilities across Virginia, North Carolina, and Ohio, supplying domestic scrap metal to major manufacturers. Greenwave's strategic position near the world's largest naval base and its role in supplying materials for naval shipbuilding positions it to benefit from increased demand and Trump's shipbuilding initiative.

The company supplies Nucor's Hertford facility with steel used in bridges, heavy equipment, and U.S. Navy warships, including the $13 billion USS Gerald Ford aircraft carrier. Greenwave also maintains federal government contracts and operates Virginia Beach's only metal recycling facility.

Positive

• Strategic inventory accumulation worth $10+ million with 50%+ margins
• Scrap steel prices up 20% in past month with further increases expected
• Exclusive metal recycling facility operator in Virginia Beach near naval base
• Secured government contracts providing consistent high-quality scrap metal supply
• Positioned to benefit from shipbuilding initiative and upcoming copper tariffs

Negative

• Heavy dependence on government policies and tariffs for business growth
• Concentrated geographic exposure in specific regions

Tariffs Now Effective on all Foreign Steel and Aluminum Imports Without Exception or Exclusion

$GWAV Began Accumulating Inventory in November 2024, Now Valued at $10+ Million with 50%+ Margins based on Current Market Prices

Prices for Scrap Steel have Surged More than 20% the Past Month and are Expected to Go Higher, Driving Significant Revenue Grown and Margin Expansion

CHESAPEAKE, Va., March 12, 2025 /PRNewswire/ -- Greenwave Technology Solutions, Inc. (Nasdaq: GWAV) ("Greenwave" or the "Company"), today announced that Chief Executive Officer Danny Meeks will be interviewed by Chief Business, Technology and Economics Correspondent for ABC News, Rebecca Jarvis, on Good Morning America this morning. Tariffs on all steel and aluminum imports are now effective without exception or exclusion.

ABC News' Chief Business, Technology and Economics Reporter, Rebecca Jarvis, to interview $GWAV CEO Danny Meeks on GMA.

Metal Tariffs Expected to Remain in Effect for Foreseeable Future

While country-specific tariffs are often modified, metal tariffs are a national security concern and are expected to remain in effect for the foreseeable future. America cannot be dependent on foreign entities for the supply of raw material necessary to build and manufacture the infrastructure, warships, and facilities vital to U.S. economic and national security interests.

Trump's Shipbuilding Initiative to Increase Demand for a Finite Scrap Supply in $GWAV's Primary Market

President Trump's shipbuilding initiative is expected to increase demand for a finite supply of scrap metal in Greenwave's primary market – home to the largest naval base in the world, operational hubs for America's leading defense contractors, and primary shipyards for the construction, maintenance, and deactivation of U.S. Navy aircraft carriers, assault ships, destroyers, and nuclear submarines.

Greenwave supplies Nucor's Hertford facility with steel critical for bridges, heavy equipment, and U.S. Navy warships, including the $13 billion USS Gerald Ford aircraft carrier_(1). Further, Greenwave is routinely awarded contracts by the U.S. Federal Government, major corporations, and municipalities that provide $GWAV a significant, consistent supply channel of high-quality scrap metal. The Company operates the sole metal recycling facility in Virginia Beach – directly across the street from NAS Oceana, the U.S. Navy's East Coast Master Jet Base.

Forthcoming Copper Tariffs to Accelerate Revenue Growth and Margin Expansion

Greenwave operates 13 metal recycling facilities in Virginia, North Carolina, and Ohio, providing 100% domestically-sourced scrap metal to Nucor, Sims, and Cleveland-Cliffs, alongst other industry titans. $GWAV is optimally positioned to benefit from President Trump's shipbuilding initiative and soon to be announced tariffs on copper imports.

(1)	https://ncchamber.com/2024/02/07/nucor-steel-hertford-galvanizes-community-north-carolina-manufacturing/

About Greenwave Technology Solutions, Inc.

Greenwave Technology Solutions, Inc. (Nasdaq: GWAV) operates 13 metal recycling facilities supplying industry titans with 100% domestically-sourced metals. Headquartered in Chesapeake, VA, Greenwave plays a critical role in infrastructure projects and U.S. national security, with operations across Virginia, North Carolina, and Ohio.

Greenwave was recently featured by S&P Global, Fox Business, and BNN Bloomberg.

For more information, 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

FAQ

How much has GWAV's inventory value increased since November 2024?

GWAV has accumulated inventory valued at over $10 million with 50%+ margins based on current market prices.

What is the recent price increase in scrap steel affecting GWAV's business?

Scrap steel prices have surged more than 20% in the past month and are expected to continue rising.

How many metal recycling facilities does GWAV operate and where?

GWAV operates 13 metal recycling facilities across Virginia, North Carolina, and Ohio.

What major infrastructure projects does GWAV's steel supply support?

GWAV supplies steel for bridges, heavy equipment, and U.S. Navy warships, including the $13 billion USS Gerald Ford aircraft carrier.

How will the new steel and aluminum tariffs impact GWAV's business?

The tariffs are expected to drive significant revenue growth and margin expansion for GWAV as a domestic supplier.