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Greenwave Technology Solutions, Inc. Secures Exclusive Contract in Virginia Beach

In a significant step forward, Greenwave Technology Solutions, Inc. (Nasdaq: GWAV), renowned for its leadership in sustainable metal recycling across Virginia and neighboring states, has successfully secured an exclusive contract with the City of Virginia Beach. This strategic partnership positions Greenwave as the sole provider for scrap metal recycling services in the state’s largest city, further enhancing its reputation within the industry.

Key Details of the Contract

The agreement, which encompasses a detailed scope of services, anticipates that the City of Virginia Beach generated an impressive 800 tons of ferrous metal and 179,000 pounds of non-ferrous scrap metal in 2023. This translates to an anticipated revenue stream of over $500,000 for Greenwave in the coming year, significantly bolstering the company’s financial outlook.

Competitive Advantages

Exclusive Market Presence

Greenwave now stands as the only metal recycling facility servicing Virginia Beach, giving the company a unique edge due to its strategic location near NAS Oceana, along with several industrial hubs in the area. This advantage is expected to enhance operational efficiencies and revenue opportunities.

Regulatory Barriers to Entry

The company’s operations are protected by a strong portfolio of operational licenses, strictly upheld by local regulations. This regulatory framework places limitations on potential competitors, securing a larger market share for Greenwave.

Real Estate Investments

In addition to its operational capabilities, Greenwave has recently acquired critical facility real estate in locations such as Carrollton and Toano within Virginia Beach. This investment not only solidifies its current operations but also prepares the company for potential future expansions or strategic transactions.

Strategic Growth Plans

Greenwave's management continues to prioritize government contracts as vital components of its growth strategy. Recent initiatives include partnerships related to substantial infrastructure projects, such as the Hampton Roads Bridge Tunnel expansion, and agreements with municipalities for the recycling of abandoned vehicles. Additionally, Greenwave has secured contracts that lend support to U.S. Federal Government operations, underscoring its growing involvement in public sector engagements.

Local and National Impacts

Situated near major facilities such as Naval Station Norfolk, which is recognized as the world’s largest naval base, and the Port of Virginia, Greenwave is ideally positioned to capitalize on the plentiful supply of scrap metal, sourced from local defense contractors, shipyards, and logistics operations. This access not only enhances supply chain efficiency but also supports national security interests by providing essential recycled materials.

Commitment to Sustainability and Community

Greenwave’s commitment encompasses more than just business growth; it extends to fostering sustainable practices and driving community engagement. As the company strengthens its position within Virginia Beach, it also focuses on promoting recycling efforts, supporting local initiatives, and contributing to environmental sustainability.

Looking Ahead

With a robust pipeline of contracts and unmatched market positioning, Greenwave Technology Solutions is poised for sustained and responsible growth. The company’s strategic focus on relationships with municipal and government entities not only enriches its operational capabilities but also provides compelling value to stakeholders and the communities they serve.

For further information about Greenwave’s operations and detailed financials, visit www.GWAV.com.

Forward-Looking Statements

The information provided contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. While these plans and projections are grounded in confidence, actual results may differ due to various risks, uncertainties, and external factors. Greenwave encourages stakeholders to consider these risks when evaluating the company's projected growth and operations.