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Greenwave Technology Solutions, Inc. (Nasdaq: GWAV) is a leading operator of metal recycling facilities located in Virginia, North Carolina, and Ohio. Through its wholly-owned subsidiary, Empire Services, Inc., Greenwave manages 13 metal recycling facilities that specialize in collecting, classifying, and processing raw scrap metal, including both ferrous and nonferrous varieties. The company engages in converting scrap into valuable resources like steel, aluminum, copper, nickel, and more, catering to a broad customer base comprising large corporations, industrial manufacturers, retail customers, and government organizations.
Greenwave employs advanced technologies to maximize efficiency and processing capabilities. Notably, the company utilizes a downstream recovery system and a cloud-based ERP system to streamline operations and boost output. These innovations have enabled Greenwave to achieve higher processing volumes and operational efficiencies.
Recently, Greenwave announced the connection of its second automotive shredder to the power grid, a move expected to double its annual shredded ferrous output and increase revenue by approximately 25-30%. This expansion aligns with Greenwave's hub-and-spoke strategy, positioning the company as an attractive target for major scrap metal conglomerates.
The company's financial health has improved significantly, with recent moves including the conversion of substantial debt to equity and securing waivers from senior secured note holders. These actions have bolstered Greenwave's balance sheet, setting the stage for future growth and expansion. In May 2024, the company announced a reverse stock split to regain compliance with Nasdaq listing requirements.
Greenwave is committed to environmental sustainability, emphasizing the recycling of steel, one of the world's most recycled materials. This practice reduces energy consumption, lowers CO2 emissions, minimizes waste, and conserves natural resources. The company’s goal is to further expand by acquiring independent, profitable scrap yards and increasing its footprint in the metal recycling industry.
For more detailed information about Greenwave Technology Solutions, Inc. and its latest developments, please visit www.GWAV.com.
Greenwave Technology Solutions (Nasdaq: GWAV), a metal recycling leader operating across Virginia, North Carolina, and Ohio, is strategically positioned to benefit from Nucor 's new Lexington steelmaking facility opening in 2025. The facility will process 430,000 tons annually using nearly 100% recycled materials.
Operating 13 metal recycling facilities and employing 167 people, Greenwave supplies critical recycled metals to major steel mills. The company projects domestic sales to reach 75% of revenue in 2025, up from 41% in previous years, driven by anticipated trade policies and infrastructure investments in the South Atlantic Region.
Greenwave currently supplies Nucor's Hertford mill with steel used in bridges, heavy equipment, and military vessels, including components for the $13 billion USS Gerald Ford aircraft carrier.
Greenwave Technology Solutions (Nasdaq: GWAV) has acquired real estate for seven of its core metal recycling facilities from CEO Danny Meeks, reducing annual rent expenses by $1.7 million. The company operates 13 facilities across Virginia, North Carolina, and Ohio, with 167 employees. Key strategic assets include exclusive operational licenses in Norfolk, Virginia Beach, and Portsmouth, protected by grandfathered municipal codes. The Norfolk facility, near the largest U.S. Naval Base, holds one of the city's few VMV automotive recycler licenses, while the Virginia Beach location is the city's only metal recycling facility.
Greenwave Technology Solutions (Nasdaq: GWAV), a metal recycling operator in Virginia, North Carolina, and Ohio, anticipates that U.S. tariffs on steel imports will drive revenue growth and margin expansion in FY 2025. The company bases this expectation on its 20+ years of industry experience, noting significant benefits to U.S. scrap metal recyclers during the previous Trump administration when tariffs increased domestic recycled metal prices. Greenwave supplies mill-ready shred to major companies including Nucor , Cleveland-Cliffs, and Sims subsidiaries, sourcing from hundreds of corporations, municipalities, and individuals across their operating regions.
Investorideas.com has released the second part of its series on the expanding metals recycling industry, highlighting the increasing interest from large mining firms. Greenwave Technology Solutions (NASDAQ: GWAV) has strengthened its infrastructure, anticipating record revenues exceeding $40 million in 2024, driven by its facilities in Cleveland, OH, and Virginia Beach, VA. The company has completed a multi-year capex cycle, investing over $15 million in infrastructure, including a new automotive shredder expected to double its ferrous metal output and enhance revenue by 25-30%. Major mining companies like Anglo American, Rio Tinto, and Glencore are entering the recycling sector, with notable investments in projects like Lifezone Metals' Kabanga Nickel Project. The global market for recycled metals is expected to grow significantly, driven by increasing demand for sustainable practices and regulatory requirements.
On June 18, 2024, Investorideas.com highlighted Greenwave Technology Solutions (NASDAQ: GWAV) in the metal recycling market. The sector is booming due to rising e-waste from consumer electronics. The market is projected to grow from USD 551.9 billion in 2024 to USD 767.9 billion by 2029. Greenwave completed its recapitalization, strengthening its balance sheet by $80.5 million and attracting $45.3 million in new capital since March. The company aims to generate over $40 million in revenue for 2024 and has a current cash balance of $26 million, the highest in its history. Greenwave plans to expand operations, launch a second shredder this summer, and grow its ScrapApp.com platform nationwide. They are also considering acquisitions and strategic partnerships to bolster growth.
Greenwave Technology Solutions has completed a recapitalization, significantly improving its balance sheet by $80.5 million since February. The company has attracted $45.3 million in new capital since March and now holds a cash balance exceeding $26 million. This positions Greenwave with its strongest cash position ever, fully funding its business plan with no need for additional capital.
Greenwave is on track to surpass $40 million in revenue in 2024, driven by increased processing of steel and copper. Key strategic initiatives include initiating operations of a second shredder, expanding its ScrapApp.com platform, enhancing copper extraction technology, and exploring acquisitions and partnerships. The company is now compliant with all Nasdaq listing requirements.
Greenwave Technology Solutions (Nasdaq: GWAV), a company operating metal recycling facilities in Virginia, North Carolina, and Ohio, announced on June 18, 2024, that it has regained full compliance with Nasdaq listing standards. The announcement follows a formal notice from Nasdaq on June 17, 2024, confirming the company's eligibility for continued listing on the Nasdaq Capital Market. The previously announced listing issue has now been resolved.
Greenwave Technology Solutions (Nasdaq: GWAV) reported record revenues from its downstream processing system in May 2024. This surge was driven by increased volume and higher prices, particularly in the copper market. The record-breaking copper prices are attributed to growing demand from electric vehicles and AI technologies. Greenwave has invested over $500,000 in an Orbcon PTV balling mill at its Kelford, NC facility to optimize copper extraction. The company is confident in surpassing its $40 million revenue guidance for 2024, owing to high steel and copper processing volumes.
Greenwave Technology Solutions, operator of metal recycling facilities in Virginia, North Carolina, and Ohio, announced a reverse stock split at a 1-for-150 ratio. Effective May 31, 2024, the split is intended to regain Nasdaq compliance by boosting the per-share trading price. Post-split trading begins June 3, 2024, under the symbol GWAV with a new CUSIP number 57630J 403. The move reduces outstanding shares from 1,132,490,847 to approximately 7,549,939 and affects all shareholders uniformly without altering their equity percentage, with fractional shares rounded up.
Greenwave Technology Solutions announced the elimination of all its convertible debt and preferred shares, totaling $35.2 million, including $17.2 million held by the Chairman and CEO. The company now holds $21.8 million in cash on its balance sheet. This financial move strengthens Greenwave's position and allows for expansion plans. The company anticipates generating approximately $40 million in revenue for 2024 through increased processing volumes of steel and copper.
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