Greenwave Expects Optimal Market Conditions in 2023
CHESAPEAKE, Va., Jan. 30, 2023 (GLOBE NEWSWIRE) -- Greenwave Technology Solutions, Inc. ("Greenwave" or the "Company") (NASDAQ: GWAV), a leading operator of metal recycling facilities in Virginia and North Carolina, is pleased to share that it expects optimal market conditions for scrap metal recycling throughout 2023 and for the foreseeable future, with prices for many of Greenwave’s products near record highs.
As stated in the Goldman Sachs Research Report 2023 Commodity Outlook: An Underinvested Supercycle dated December 14, 2022, “From a fundamental perspective, the setup for most commodities next year is more bullish than it has been at any point since we first highlighted the supercycle in October 2020.” Driven by depleted global inventories, lack of capex investments to create new supply sources, and increasing demand from China, it is widely expected that commodity prices will rise in 2023.
Over the past twelve months, Greenwave has invested over $10 million in its scrap metal processing infrastructure, which is expected to double the Company’s scrap metal processing capacity and significantly increase its margins, once all systems are online. Greenwave’s second automotive shredder and downstream processing system are on schedule to commence operations during the first quarter of 2023, resulting in the Company having the infrastructure to economically support significant expansion.
“Over the past 19 years, our team and I have navigated Empire through numerous commodity cycles and this one is by far the most exciting,” stated Danny Meeks, Greenwave’s Chief Executive Officer. “We’ve heavily invested in our infrastructure over the past year so that we can meet the growing needs of our domestic and international customers, while providing the best possible prices to our corporate, municipal, and individual suppliers. We believe the infrastructure investments we’ve made these past several months will likely create significant shareholder value in 2023.”
Greenwave Technology Solutions, Inc., through its wholly owned subsidiary Empire Services, Inc. (“Empire”), is a leading operator of 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 re-cast numerous times while offering significant economic and environmental benefits when compared with virgin materials. For more information, please visit https://www.greenwavetechnologysolutions.com/. Check us out on all social media platforms: https://twitter.com/greenwavegwav, https://www.instagram.com/greenwavegwav and https://www.youtube.com/@greenwavetechnologysolutions.
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 revenue growth, opening of additional locations, margin expansion and cashflow projections, and expected completion of its second shredder and downstream processing system. 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.