Greenwave Technology Solutions, Inc. Wins Exclusive Municipal Contract with Virginia Beach

Rhea-AI Summary

Greenwave Technology Solutions (Nasdaq: GWAV) has secured an exclusive contract with Virginia Beach for scrap metal recycling services. The contract, estimated to generate over $500,000 in revenues, positions Greenwave as the sole provider in Virginia's largest city. Based on 2023 data, the city generated 800 tons of ferrous metal and 179,000 pounds of non-ferrous scrap metal.

The company operates 13 metal recycling facilities across Virginia, North Carolina, and Ohio, employing 167 people. Greenwave's strategic location near Naval Station Norfolk and the Port of Virginia provides access to scrap metal from defense contractors, shipyards, and logistics operations. Recent real estate acquisitions in Carrollton, Virginia Beach, and Toano strengthen the company's market position.

Positive

• Secured exclusive municipal contract worth $500,000 in Virginia Beach
• Strategic location near major naval bases and industrial hubs
• Operating 13 metal recycling facilities across three states
• Recent real estate acquisitions strengthening market position
• Established partnerships for infrastructure projects and government contracts

Negative

• None.

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

FAQ

How much revenue will GWAV generate from the Virginia Beach contract?

The Virginia Beach contract is estimated to generate over $500,000 in revenues for Greenwave Technology Solutions in the upcoming year.

How many metal recycling facilities does GWAV currently operate?

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

What is the scrap metal volume handled in the Virginia Beach contract?

Based on 2023 data, the contract covers 800 tons of ferrous metal and 179,000 pounds of non-ferrous scrap metal generated by the City of Virginia Beach.

Where has GWAV made recent real estate acquisitions?

GWAV has recently acquired key facility real estate in Carrollton, Virginia Beach, and Toano.

How many employees does GWAV currently have?

Greenwave Technology Solutions employs 167 people across its operations.