Greenwave Officially Opens Cleveland Facility

Rhea-AI Summary

Greenwave Technology Solutions (NASDAQ: GWAV) has officially opened a new recycling facility in Cleveland, Ohio, previously occupied by JBI Scrap Processors. This facility, secured in February 2023, is expected to be a top performer, creating 15-20 jobs and promoting sustainable practices. Located on a 10-acre site, it will facilitate the recycling of both ferrous and non-ferrous metals, reducing landfill waste. The company generated over $3 million in revenue in March 2023 and anticipates maintaining this revenue level. Greenwave's commitment to environmental sustainability and community education on recycling is also a core focus.

Positive

• Opening of a new facility in Cleveland, enhancing operational capacity.
• Creation of 15-20 jobs, contributing to the local economy.
• Generated over $3 million in revenue for March 2023.
• Facility equipped for recycling both ferrous and non-ferrous metals, promoting sustainability.

Negative

• None.

CLEVELAND, April 5, 2023 /PRNewswire/ -- Greenwave Technology Solutions, Inc. ("Greenwave" or the "Company") (NASDAQ: GWAV), a leading operator of metal recycling facilities in Virginia and North Carolina, is pleased to share that it has officially opened its Cleveland, Ohio facility.

Greenwave Technology Solutions, Inc. secured the property formerly occupied by JBI Scrap Processors on East 55th Street in Cleveland in February 2023. The project, which the Company believes will be amongst Greenwave's top performing locations, will create fifteen to twenty jobs in the area and offer a unique opportunity to repurpose the materials from an industrial sector creating a more sustainable and eco-friendlier environment.

Greenwave and its executives are committed to improving the quality of life in their yard hometowns by creating jobs, investing in green technology, and providing an environmentally friendly solution for customers looking for more sustainable options.

The new scrap metal recycling facility is located on a ten-acre site on Cleveland's east side in the Evergreen neighborhood. Greenwave's technology allows for the recycling of materials that would otherwise be discarded in landfills or incinerated. These materials can then be transformed into new products, helping to reduce waste while allowing productive use of materials.

The property has access to the adjoining railroad to transport the scrap metal it processes and hundreds of local businesses and individuals are accustomed to selling their metal scrap to facilities in the same vicinity on a regular basis.

The facility's employees will specialize in the safe recycling of ferrous and non-ferrous metals. Greenwave is also planning on implementing an awareness program to educate local residents about the importance of recycling and sustainability.

Greenwave generated over $3 million in revenue for March 2023, and expects to continue generating similar revenue levels for the foreseeable future.

About Greenwave

Greenwave Technology Solutions, Inc., through its wholly owned subsidiary Empire Services, Inc. ("Empire"), is a leading operator of metal recycling facilities in Virginia and North Carolina. At these facilities, Empire collects, classifies, and processes raw scrap metal (ferrous and nonferrous) for recycling. Steel is one of the world's most recycled products with the ability to be re-melted and re-cast numerous times while offering significant economic and environmental benefits when compared with virgin materials. For more information, please visit https://www.greenwavetechnologysolutions.com/. Check us out on all social media platforms: https://twitter.com/greenwavegwav, https://www.instagram.com/greenwavegwav and https://www.youtube.com/@greenwavetechnologysolutions.

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, and expected completion of its second shredder and downstream processing system. 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 we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we 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 our control) and assumptions 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 our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in our filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake 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 recent development has Greenwave Technology Solutions announced?

Greenwave Technology Solutions has opened a new recycling facility in Cleveland, Ohio.

How many jobs will the new Cleveland facility create?

The new Cleveland facility is expected to create 15 to 20 jobs.

What are the financial expectations for Greenwave in 2023?

Greenwave generated over $3 million in revenue for March 2023 and expects to maintain similar revenue levels.

What type of metals will Greenwave recycle at the new facility?

The Cleveland facility will recycle both ferrous and non-ferrous metals.

When was the Cleveland facility secured by Greenwave?

The property for the Cleveland facility was secured in February 2023.