Greenwave Technology Solutions' Copper Extraction System Expected to Commence Operations in September 2023
New infrastructure and technology coming online to significantly increase processing capacity, resulting in increased annual revenues
CHESAPEAKE, Va., Aug. 29, 2023 /PRNewswire/ -- Greenwave Technology Solutions, Inc. ("Greenwave" or the "Company") (NASDAQ: GWAV), a leading operator of metal recycling facilities in Virginia, North Carolina, and Ohio, today announced that its Orbcon PTV balling mill is expected to commence operations in September 2023. The balling mill is expected to significantly increase the copper recovery yields in the downstream processing of Greenwave's automotive shred residue, adding to revenues and gross margins.
In July 2023, Greenwave commenced operation of a downstream processing system at its Kelford, NC facility, enabling the Company to recover millimeter-minus pieces of metal from Greenwave's automotive shred residue or "fluff" as it is known in the industry. The Orbcon PTV balling mill is the final component of the downstream processing system – focused on extracting copper from the shred residue – and is expected to result in the downstream processing system generating more than $1 million per month in revenue by the end of 2023, with profit margins in excess of 80%.
"Greenwave has invested more than $15 million in capital expenditures over the past 18 months, which are expected to double the Company's ferrous metal processing capacity, grow our annual revenues to over $50 million, and significantly expand our profit margins," stated Greenwave Chairman and Chief Executive Officer Danny Meeks. "We are at an inflection point in Greenwave's growth trajectory and the Company is now positioned to significantly expand its footprint of metal recycling facilities in the coming quarters. We're grateful to Greenwave's shareholders for their early and continued support – we look forward to reporting back on our progress."
The Company has completed the installation of its second automotive shredder at its Carrollton facility to process cars, household appliances, and industrial products. The shredder is expected to commence operation as soon as the electrical infrastructure is completed this quarter, and will double the Company's ferrous metal processing capacity. By selling its ferrous metal as shredded, rather than unshredded, Greenwave generates approximately 33% more revenue with profit margins in excess of 60%.
About Greenwave
Greenwave Technology Solutions, Inc., through its wholly owned subsidiary Empire Services, Inc. ("Empire"), is a leading operator of 13 metal recycling facilities in Virginia, North Carolina, and Ohio. The Company's recycling facilities collect, classify, and process raw scrap metal (ferrous and nonferrous) and implement several unique technologies to increase metal processing volumes and operating efficiencies, including a downstream recovery system and cloud-based ERP system.
Steel is one of the world's most recycled products with the ability to be re-melted and re-cast numerous times. Recycling steel provides key environmental benefits over virgin metals, including reduced energy use, lower CO2 emissions, lower waste, and conserving natural resources. Greenwave's customers include large corporations, industrial manufacturers, retail customers, and government organizations. The Company plans to aggressively expand its footprint of locations by acquiring independent, profitable scrap yards in the coming months. For more information, please visit www.GWAV.com.
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 revenue growth, opening of additional locations, margin expansion and cashflow projections. 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 the Company believes that its plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, the Company 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 the Company's control), assumptions and other factors that could cause actual results to differ materially from historical experience and present expectations or projections. Such factors include market conditions, the ability of the Company to satisfy all conditions precedent to the closing of the registered direct offering, and the completion of the registered direct offering. Actual results may differ materially from those in the forward-looking statements and the trading price for the Company's common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company's filings with the SEC. Except as required by law, the Company undertakes 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.
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SOURCE Greenwave Technology Solutions
