#United States #Chesapeake #Greenwave #metal recycling #Government Contracts

Greenwave Technology Solutions Announces Major Government Contract

Greenwave Technology Solutions, Inc. (Nasdaq: GWAV), recognized as a prominent leader in sustainable metal recycling within the mid-Atlantic region, has successfully secured a government contract valued approximately at $2 million. This significant contract entails the recycling of 550,000 pounds of non-ferrous metal and is projected to bolster the company's revenues for the fourth quarter of 2024 and the first quarter of 2025.

A Strategic Move for Growth

The recent award reflects Greenwave's strategic commitment to expand its operations and solidify its position as a leader in the recycling industry. The company operates across Virginia, North Carolina, and Ohio, maintaining an extensive footprint comprised of 13 recycling facilities. Notably, Greenwave is strategically positioned near critical supply chains thanks to its proximity to the Port of Virginia and Naval Station Norfolk, the largest naval base globally. This location allows Greenwave to source significant amounts of scrap metal from defense contractors and related logistics operations.

Key Advantages and Initiatives

Greenwave's success can be attributed to its robust competitive advantages, including:

• - Extensive Footprint: With facilities dedicated to processing both ferrous and non-ferrous metals, Greenwave commands significant market share in regions it operates.
• - Regulatory Barriers to Entry: Holding a comprehensive portfolio of operational licenses protected by local regulations helps guard against competitors in a highly regulated market.
• - Real Estate Investments: Recent acquisitions, such as key properties in Carrollton and Virginia Beach, further empower the company's operational capabilities and position for future endeavors.

Additionally, Greenwave has prioritized forming partnerships for large-scale infrastructure projects, such as the Hampton Roads Bridge Tunnel expansion, and entering agreements with numerous municipalities for recycling abandoned vehicles. Such strategic relationships underline the company's focused direction towards collaborating with governmental entities and enhancing operational investments.

Commitment to Sustainability

The company's business model revolves around promoting sustainable practices. By recycling non-ferrous metals, Greenwave supports environmental conservation efforts while supplying essential materials to leading steel mills and industrial conglomerates involved in critical infrastructure projects, which also significantly contribute to U.S. national security pursuits.

Greenwave continues to cultivate its vision of becoming the premier choice for government contracts, leveraging municipal and federal relationships established through dedicated service across its operational areas.

As part of its long-term goals, Greenwave is not only positioned for immediate revenue growth but is also laying the groundwork for sustainable value creation for its stakeholders. The company remains proactive in its approach, continually exploring new contracts and maximizing its operational efficiencies to meet rising demands for recycled materials amidst a consolidating industry.

Investing in technology and expanding its capabilities further establishes Greenwave as a frontrunner in the metal recycling landscape. The company is committed to meeting future market trends, adapting its operations, and continuing to lead in innovative recycling solutions.

For more detailed financial information and updates on Greenwave’s programs, visit www.GWAV.com.

With a motivated workforce of 167 employees, Greenwave is set to navigate the future of metal recycling while championing environmental sustainability and economic growth in the regions it serves.