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About Greenwave Technology Solutions Inc.
Greenwave Technology Solutions Inc. (Nasdaq: GWAV) is a prominent player in the scrap metal recycling industry, operating 13 strategically located facilities across Virginia, North Carolina, and Ohio. The company specializes in the collection, classification, and processing of ferrous and non-ferrous metals, providing essential raw materials to leading steel mills and industrial manufacturers. Greenwave plays a critical role in supplying sustainably sourced metals for infrastructure projects and national security initiatives, including U.S. warships and defense systems.
Core Operations
At its recycling facilities, Greenwave processes a wide range of metals, including ferrous metals—such as heavy melting steel, plate and structural steel, and shredded scrap—and non-ferrous metals like aluminum, copper, stainless steel, nickel, brass, titanium, and alloys. These processed materials are supplied to industrial clients for use in manufacturing and construction, supporting the circular economy by reducing the need for virgin metal extraction.
Innovative Rare-Earth Recovery
Greenwave is at the forefront of rare-earth metal recovery, addressing the growing demand for critical materials used in semiconductors, solar panels, and electric vehicle batteries. By leveraging advanced technologies, the company recovers high-value metals from appliances, vehicles, and industrial equipment. This initiative positions Greenwave as a leader in the sustainable recycling of rare and strategic materials, capitalizing on geopolitical shifts that have disrupted global supply chains.
AI-Driven Solutions
Through its subsidiary, Scrap App, Greenwave is revolutionizing the auto recycling industry with AI-powered automation. Scrap App streamlines operations such as customer support, scheduling, and pricing, enabling cost-efficient scaling and improved customer experiences. This innovative platform targets the $32 billion U.S. auto recycling market, enhancing Greenwave's reach and operational efficiency.
Strategic Advantages
Greenwave's competitive edge lies in its strategic locations near key supply chains, including Naval Station Norfolk and the Port of Virginia. These sites provide access to high-quality scrap metal sourced from defense contractors, shipyards, and logistics hubs. Additionally, the company holds grandfathered operational licenses, creating significant barriers to entry for competitors in tightly regulated markets. Greenwave's investment in advanced recycling equipment and its ownership of key facility real estate further enhance its operational efficiency and market positioning.
Industry Impact
Greenwave is a vital contributor to the scrap metal industry's consolidation, supporting the growing demand for domestically sourced metals amid escalating trade restrictions and tariffs. Its partnerships with industry leaders such as Nucor Corporation and Cleveland-Cliffs underscore its reputation as a reliable supplier of mill-ready metals. By integrating cutting-edge technologies and focusing on sustainability, Greenwave is driving innovation and efficiency in the recycling sector, meeting the needs of a rapidly evolving market.
Greenwave Technology Solutions (NASDAQ: GWAV) has announced the launch of an AI-powered operator in its subsidiary, Scrap App, targeting the $32 billion U.S. auto recycling market. The AI system enables autonomous real-time quotes for junk cars, vehicle pickup scheduling, and customer inquiry handling, aimed at reducing operating costs and improving scalability.
Scrap App has already established operations in Hampton Roads, Richmond, Greenville, Elizabeth City, and Cleveland. The company plans to expand into the top 25 U.S. markets by the end of 2025, leveraging its AI-driven, vertically integrated model. The expansion strategy targets a market where a leading competitor reported $130.7 million in FY 2024 revenue.
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.
Greenwave Technology Solutions (NASDAQ: GWAV) has announced a $4 million registered direct offering and concurrent private placement priced at market. The company will sell 7,544,323 shares of common stock at $0.5302 per share, with accompanying warrants to purchase an equal number of shares at the same price.
The warrants will expire five years from stockholder approval date. The offering, expected to close around January 14, 2025, includes provisions prohibiting participating investors from short selling the company's stock while holding warrants. This financing aims to accelerate the recovery and monetization of rare earth metals, with the company positioning itself in the renewable energy and advanced technology materials market.
Greenwave Technology Solutions (Nasdaq: GWAV) has announced the cancellation of its Special Meeting of Stockholders that was previously scheduled for January 10, 2025. The company operates as one of the Mid Atlantic's leading metal recyclers with 13 metal recycling facilities across Virginia, North Carolina, and Ohio.
Greenwave supplies ferrous and non-ferrous metal to major steel mills and industrial conglomerates. The company plays a significant role in providing raw materials for critical infrastructure projects and U.S. warships. Currently, the company employs 167 employees and is headquartered in Chesapeake, VA.
Greenwave Technology Solutions (NASDAQ: GWAV), a leading metal recycler operating 13 facilities across Virginia, North Carolina, and Ohio, has projected revenue of $43-$45 million for fiscal year 2025. The company's growth is driven by significant contracts, including a $15-$35M hurricane recovery contract through March 2026 and approximately $20M in annual purchases from Sims Metal Management.
The company plans to expand its Scrap App to top 25 U.S. markets in 2025 and expects to increase domestic sales from 41% to 75%. As of September 2024, Greenwave reported $69.58M in assets and $51.27M in shareholder equity, having reduced total liabilities by $32.56M (64%) in the first nine months of 2024. Insiders purchased over 500,000 GWAV shares in December 2024.
Greenwave Technology Solutions (GWAV) is accelerating its rare-earth metal recovery operations in response to China's December 2024 ban on exporting gallium, germanium, and antimony to the US. The company, operating 13 metal recycling facilities across Virginia, North Carolina, and Ohio, expects significant revenue growth in FY 2025 through efficient extraction of these minerals from vehicles, appliances, and machinery.
The company views this initiative as a 'catalytic converter-level' opportunity, leveraging breakthrough technologies to recover previously overlooked high-value metals. GWAV's strategic location near Naval Station Norfolk and the Port of Virginia provides access to high-quality scrap metal from defense contractors and shipyards. The company focuses on recovering antimony for battery alloys, germanium for semiconductors, and gallium for renewable energy applications.
Greenwave Technology Solutions (GWAV) reports significant financial improvements in 2024, including a 635% increase in current assets and a 64% decrease in total liabilities. The company has secured multiple government contracts, including a $15-$35 million contract with Core Tree Care through March 2026. Insiders purchased over 500,000 GWAV shares in December 2024, demonstrating confidence in the company's future.
Operating 13 metal recycling facilities across Virginia, North Carolina, and Ohio, Greenwave recently acquired real estate for seven core facilities, reducing annual rent expenses by $1.7 million. The company is strategically positioned to benefit from Nucor 's upcoming Lexington facility opening in 2025, which will have a 430,000-ton annual processing capacity.
Greenwave Technology Solutions (Nasdaq: GWAV) has secured an exclusive government contract to recycle 550,000 pounds of non-ferrous metal, expected to generate approximately $2 million in revenue during Q4 2024 and Q1 2025. The company operates 13 metal recycling facilities across Virginia, North Carolina, and Ohio, with three specialized hubs for ferrous and non-ferrous metal processing.
The company's strategic advantages include extensive operational licenses, recent real estate acquisitions in key locations, and partnerships with municipalities for various recycling projects. Located near Naval Station Norfolk and the Port of Virginia, Greenwave benefits from access to scrap metal from defense contractors, shipyards, and logistics operations.
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.
Greenwave Technology Solutions (Nasdaq: GWAV), a metal recycling leader operating 13 facilities across Virginia, North Carolina, and Ohio, has announced strategic developments in the consolidating scrap metal market. The company has achieved $1.7 million in annual cost savings through real estate acquisitions of seven core facilities.
The company reported revenues from Sims Metal of $20.7 million in 2023 and $18.0 million in 2022. With 167 employees, Greenwave supplies ferrous and non-ferrous metal to major steel mills and industrial conglomerates. The announcement highlights recent industry acquisitions, including Sims Metal's $220 million purchase of Baltimore Scrap Corp., demonstrating significant consolidation in the sector.
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