Greenwave Technology Solutions, Inc. Awarded Contract Valued at $15 - $35 Million with Core Tree Care, Inc. for Hurricane Helene Recovery Services

Rhea-AI Summary

Greenwave Technology Solutions (Nasdaq: GWAV) has secured a contract with Core Tree Care, Inc. valued at $15-$35 million for Hurricane Helene recovery services. The contract, related to an Army Corps of Engineers prime contract, involves tree removal and processing in counties near Asheville, North Carolina. The company is operating advanced equipment including Vermeer and Morbark Wood Grinders valued at $1.4 million each.

This represents a new revenue stream for Greenwave, expanding from its core metal recycling business. The company operates 13 metal recycling facilities across Virginia, North Carolina, and Ohio, with 167 employees. The contract is expected to generate significant revenue and healthy free cashflow by March 31, 2026.

Positive

• Secured new contract worth $15-35 million for Hurricane Helene recovery
• Expansion into wood recycling represents new revenue stream
• Operating high-value equipment worth $1.4 million each
• Strong positioning near Port of Virginia and Naval Station Norfolk for consistent scrap metal supply

Negative

• Revenue from new contract not expected until March 31, 2026
• Significant capital investment required in specialized equipment

CHESAPEAKE, Va., Dec. 9, 2024 /PRNewswire/ -- Greenwave Technology Solutions, Inc. (Nasdaq: GWAV), a leader in sustainable metal recycling across Virginia, North Carolina, and Ohio, is on track to generate $15 – $35 million in revenue through a contract with Core Tree Care, Inc., related to a prime contract with the Army Corps of Engineers. This high-value contract highlights Greenwave's ability to secure strategic partnerships in critical infrastructure recovery efforts.

As part of the extensive recovery efforts in the aftermath of Hurricane Helene, the deadliest U.S. hurricane since Katrina in 2005, Greenwave is playing a significant role in removal and processing of trees in several counties outside of Asheville, North Carolina.

Operating advanced equipment, including one Vermeer and two Morbark Wood Grinders valued at $1.4 million each, the Company is applying the skills and knowledge gleaned from its two decades in metal recycling to wood recycling – a new revenue stream for Greenwave.

Proven Track Record of Delivering Federal Contracts

Chairman and CEO Danny Meeks, a seasoned industry expert with over two decades of experience, brings unmatched expertise in disaster recovery and recycling. Notably, a company owned by Mr. Meeks was awarded a $100 million federal subcontract for the removal of debris from New Orleans in the aftermath of Hurricane Katrina, overseeing a massive logistics operation involving 1,500 trucks and 5,000 personnel over a two-year period.

This proven track-record of executing large-scale government contracts positions Greenwave to secure and execute contracts for disaster recovery along with other strategic opportunities. This new revenue channel is expected to generate $15 to $35 million in revenue, along with healthy free cashflow by March 31, 2026.

Strategic Growth Initiatives

Greenwave continues to prioritize government contracts as a key driver of revenue and cash flow growth. Its current portfolio includes critical infrastructure projects such as the Hampton Roads Bridge Tunnel expansion, agreements with numerous municipalities to recycle abandoned cars, and fulfillment of several contracts awarded by the U.S. Federal Government.

Leveraging its proximity to the Port of Virginia and the largest naval base in United States, Naval Station Norfolk, Greenwave's recycling operations are uniquely positioned to capitalize on the consistent supply of prime scrap metal generated by ancillary shipyards, cargo facilities, and defense contractors.

Projected Financial Impact

With the Core Tree Care, Inc. subcontract, related to an Army Corps of Engineers prime contract, expected to deliver robust revenue growth and free cash flow in the coming quarters, Greenwave anticipates continued financial momentum. Its strategic focus on securing high-value government contracts underscores the company's commitment to consistent revenue growth and building long-term shareholder value.

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

FAQ

What is the value of GWAV's contract with Core Tree Care for Hurricane Helene recovery?

The contract is valued between $15-35 million for tree removal and processing services in counties near Asheville, North Carolina.

When will GWAV generate revenue from the Core Tree Care contract?

Greenwave expects to generate revenue and healthy free cashflow from this contract by March 31, 2026.

What equipment is GWAV using for the Hurricane Helene recovery project?

GWAV is operating one Vermeer and two Morbark Wood Grinders, each valued at $1.4 million.

How many metal recycling facilities does GWAV operate?

Greenwave Technology Solutions operates 13 metal recycling facilities across Virginia, North Carolina, and Ohio.