Greenwave To Open its 12th Metal Recycling Facility in Fairmont, NC

Rhea-AI Summary

Greenwave Technology Solutions (OTCPink:MSRT) announced plans to open its 12th metal recycling facility in Fairmont, NC around January 12, 2022, aiming to enhance revenue growth. Following a successful $37.7 million offering, the Company is positioned for rapid expansion amidst a growing demand for steel, driven by the Infrastructure Investment and Jobs Act. Additionally, Greenwave seeks to uplist to NASDAQ or NYSE, aiming for greater visibility and liquidity.

Positive

• Secured $37.7 million offering to fund expansion.
• Opening of new facility expected to contribute to revenue growth.
• Plans to roll-up profitable scrap metal facilities to accelerate revenue.
• Market conditions favoring recycled steel demand due to supply constraints.

Negative

• None.

The Company has secured the licenses and permits to open its Fairmont, NC facility on or about January 12, 2022 and is expected to immediately contribute to its revenue growth

PORTSMOUTH, Va.--(BUSINESS WIRE)-- Greenwave Technology Solutions, Inc. ("Greenwave" or the "Company") (OTCPink:MSRT) is pleased to report it plans to open its 12^th metal recycling facility in Fairmont, NC on or about January 12, 2022. The opening of this new facility will expand the Company’s footprint to southern North Carolina as Greenwave plans to rapidly grow its metal processing volumes and revenue during 2022.

“With the recent closing of our $37.7 million offering, Greenwave is fully funded and positioned to rapidly expand the number of metal recycling facilities we operate, both through organic growth and roll-ups,” stated Danny Meeks, Chief Executive Officer of Greenwave. “Demand for steel is expected to continue increasing, especially with the recent passage of the Infrastructure Investment and Jobs Act_[1] while supply of prime scrap has been consistently shrinking for several years_[2]. We believe this supply/demand imbalance for recycled steel and other metals creates an optimal market environment for Greenwave to continue its expansion.”

Over the coming months, the Company plans to roll-up independent, profitable scrap metal facilities to accelerate its revenue growth and create shareholder value. Greenwave is in the final stages of preparing its formal application to uplist to the NASDAQ or NYSE, as the Company believes a listing on a national exchange would result in a significant increase in visibility, liquidity, and institutional interest for its stock.

1. https://www.bloomberg.com/news/articles/2021-08-10/steelmakers-surge-as-u-s-infrastructure-plan-buoys-demand-view
2. According to an October 11, 2021 presentation by Cleveland-Cliffs

About Greenwave

MassRoots, Inc., which is changing its name to Greenwave Technology Solutions, Inc., through its wholly owned subsidiary Empire Services, Inc. (“Empire”), is a leading operator of 11 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 recast numerous times while offering significant economic and environmental benefits when compared with virgin materials. For more information, please visit https://www.empiremetalrecycling.net/.

The company has announced that it intends to change its corporate legal name from MassRoots, Inc. to Greenwave Technology Solutions, Inc. Although the legal name of the company will continue to be MassRoots, Inc. until the name change process has been completed, for marketing and branding purposes the company has begun referring to itself as Greenwave.

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 name change, revenue growth, opening of additional locations, and a listing on a senior exchange. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211208005548/en/

Danny Meeks

757-966-1432

Source: Greenwave Technology Solutions, Inc.

FAQ

What is Greenwave Technology Solutions' plan for their new facility in Fairmont, NC?

Greenwave Technology Solutions plans to open its 12th metal recycling facility in Fairmont, NC, around January 12, 2022, contributing to revenue growth.

How much funding has Greenwave secured for expansion?

Greenwave has secured a funding of $37.7 million, which will support its expansion plans.

What exchange is Greenwave Technology Solutions planning to uplist to?

Greenwave Technology Solutions is preparing to uplist to either NASDAQ or NYSE to increase visibility and liquidity.

What is driving the demand for steel and metal recycling?

The demand for steel is increasing due to the recent passage of the Infrastructure Investment and Jobs Act and a shrinking supply of prime scrap.