#United States #Hurricane Helene #Chesapeake #Greenwave #Core Tree Care

Greenwave Technology Solutions Partners with Core Tree Care for Hurricane Recovery

Greenwave Technology Solutions, Inc. (Nasdaq: GWAV), recognized for its commitment to sustainable metal recycling, recently announced a lucrative contract with Core Tree Care, Inc. The deal, which is valued between $15 million and $35 million, aligns with a broader effort by the Army Corps of Engineers aimed at recovery operations following Hurricane Helene, one of the most devastating hurricanes to hit the United States since Katrina in 2005.

Significance of the Contract

This partnership signifies not only Greenwave's ability to secure essential contracts but also its critical role in the recovery efforts after such a natural disaster. The contract underscores their expertise in leveraging over 20 years of experience within the industry, now expanding from metal recycling into wood recycling. Greenwave has set itself on a promising path, targeting both immediate recovery needs and opening up a new revenue stream that could contribute significantly to their financial growth going forward.

Greenwave is responsible for the removal and processing of trees in several counties near Asheville, North Carolina, utilizing sophisticated equipment to perform its tasks efficiently. The company operates advanced wood grinders that each cost approximately $1.4 million, boosting their operational capabilities to handle large-scale recovery tasks.

Leadership and Experience

At the helm of this initiative is Chairman and CEO Danny Meeks, who brings a wealth of expertise in disaster recovery. Meeks has an established history of managing significant contracts: he previously oversaw a $100 million federal contract for debris removal in New Orleans after Hurricane Katrina. His visionary leadership not only reassures stakeholders but also positions Greenwave favorably for future government contracts.

Focus on Government Contracts

Greenwave has positioned itself to prioritize government contracts as a primary driver of revenue and cash flow. Their current portfolio is diverse, comprising critical infrastructure projects such as the Hampton Roads Bridge Tunnel expansion and contracts for recycling abandoned vehicles, reinforcing their strategic intent to engage with governmental entities.

With the company's location in Chesapeake, Virginia, their operations are optimally situated to exploit the local metal and recycling supply from the nearby Port of Virginia and the largest naval base in the United States, Naval Station Norfolk. This geographical advantage ensures a consistent flow of prime scrap materials essential for their recycling processes.

Financial Projections

In light of the contract with Core Tree Care, Inc., Greenwave forecasts a positive financial trajectory in the near future. The anticipated revenue from this agreement is expected to bolster their financial momentum, contributing to the healthy cash flow that will support sustainable growth. As evidenced by their commitment to securing high-value government contracts, Greenwave aspires to create long-term shareholder value.

About Greenwave Technology Solutions

Greenwave operates 13 recycling facilities focused on both ferrous and non-ferrous metals, catering to numerous steel mills and industrial conglomerates. They play a vital role in supplying recycled metals for critical infrastructure and even U.S. warships, aligning their operations with national security interests. Having a robust workforce of 167 employees, their operations span Virginia, North Carolina, and Ohio. The company's continuous growth trajectory, coupled with its strategic moves, positions it as a leader in the Mid-Atlantic recycling landscape.

Stay updated on Greenwave's latest news and financial updates by visiting www.GWAV.com.