Greenwave is developing an AI pricing engine for junk cars to optimize margins and plans to utilize its proprietary transaction data to train a large language model (LLM)

Greenwave intends to develop Scrap App into the leading technology platform for the $41.4 billion scrap metal industry ₍₁₎

The Company plans to expand Scrap App's functionality to provide quotes for metal from construction and demolition projects, list nearby scrap yards with their real-time prices, and building a points-based rewards system

CHESAPEAKE, Va. , Sept. 14, 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 the launch of ScrapApp.com . Scrap App's mobile application has been submitted to the App Store and Google Play and Greenwave expects it will be available for download in the near future. Initially focused on junk cars, Greenwave is developing an AI pricing engine to optimize profit margins on the vehicles it purchases.

Greenwave plans to utilize its proprietary data comprised of tens of thousands of unique transactions annually for more than 20 different grades of ferrous and non-ferrous metals to train a large language model for the $41.4 billion scrap metal industry _(1). The Company believes that generative AI will enable the Company to optimize pricing, provide the most informed real-time quotes to customers, and could provide significant competitive advantages.

Greenwave intends to develop Scrap App into the leading technology platform for the multi-billion dollar scrap metal industry. In the coming months, the Company plans to develop an AI quoting system for metal from construction and demolition projects, list nearest scrap yards with their real-time prices, and introduce a points-based rewards system.

"We're building Scrap App to create a smoother and more efficient scrapping experience for both scrappers and businesses," stated Greenwave Chief Executive Officer Danny Meeks . "If Scrap App gains widespread adoption, we intend to charge a fee for every transaction it facilitates – along with monthly recurring listing fees. We believe Scrap App has the potential to create significant shareholder value and we look forward to keeping you posted on our progress."

A competitor to Scrap App reportedly generates $159 million in annual revenue ₍₂₎ . Greenwave believes that efficiencies created by its vertical integration of key stages of the car scrapping process could provide significant competitive advantages to capture market share.

Scrap App is initially available in Virginia and North Carolina and intends to expand to several additional strategic markets in the near future. Greenwave has formed Scrap App, Inc. as a wholly-owned subsidiary to develop and manage the Scrap App platform.

(1) https://www.ibisworld.com/united-states/market-research-reports/scrap-metal-recycling-industry/
(2) https://rocketreach.co/peddle-profile_b5ebd76df42e85ca

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.

View original content to download multimedia: https://www.prnewswire.com/news-releases/greenwave-technology-solutions-launches-scrap-app-with-ai-pricing-engine-in-development-301927165.html

SOURCE Greenwave Technology Solutions

Topics are expected to include upcoming catalysts including recently announced systems that increase capabilities to drive the company towards $50 million 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 Chief Financial Officer, Isaac Dietrich , will be participating in the Benzinga All Access event taking place on Wednesday, August 30, 2023 .

Mr. Dietrich is scheduled to appear on Wednesday, August 30, 2023 , at 11:00 AM Eastern Time .

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 suppliers 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.

View original content to download multimedia: https://www.prnewswire.com/news-releases/greenwave-technology-solutions-to-be-featured-on-benzinga-all-access-at-1100am-edt-on-august-30-2023-301912946.html

SOURCE Greenwave Technology Solutions

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.

View original content to download multimedia: https://www.prnewswire.com/news-releases/greenwave-technology-solutions-copper-extraction-system-expected-to-commence-operations-in-september-2023-301911770.html

SOURCE Greenwave Technology Solutions

CHESAPEAKE, Va. , Aug. 24, 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 notification that it has regained compliance with Nasdaq listing requirements.

In a letter dated August 18, 2023 , Nasdaq informed the Company that it has achieved compliance with the minimum bid price rule required for continued listing on the Nasdaq Capital Market.

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 collects, classifies, and processes raw scrap metal (ferrous and nonferrous) and implements several unique technologies to increase metal processing volumes and operating efficiencies, including a cloud-based ERP system to manage inventories and operations. Steel is one of the world'ss most recycled products with the ability to be re-melted and re-cast numerous times.

Greenwave's approach to steel recycling 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.

View original content to download multimedia: https://www.prnewswire.com/news-releases/greenwave-technology-solutions-regains-compliance-with-nasdaq-listing-standards-301909223.html

SOURCE Greenwave Technology Solutions

Company to use funds for expansion and accretive acquisitions

CHESAPEAKE, Va. , Aug. 21, 2023 /PRNewswire/ -- Greenwave Technology Solutions, Inc. ("Greenwave" or the "Company") (NASDAQ: GWAV), a leading operator of metal recycling facilities in Virginia , North Carolina and Cleveland, Ohio , is pleased to announce that it has entered into a definitive agreement with certain institutional and accredited investors for the purchase and sale of 2,511,166 shares of common stock in a registered direct offering priced at $1.27 per share and accompanying warrant, resulting in gross proceeds to the Company of $3.2 million , before deducting the placement agent's fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering for the expansion of its metal recycling operations, accretive acquisitions, and general corporate purposes.

The Special Equities Group, a division of Dawson James Securities Inc., is acting as the sole placement agent for this transaction.

The Company has also agreed to issue to the investors in a concurrent private placement unregistered warrants to purchase up to 5,022,332 shares of common stock. The warrants will have an exercise price of $1.02 per share, will be immediately exercisable upon issuance, and will expire 5.5 years from the date of issuance.  The Company has agreed to file a registration statement under the Securities Act of 1933, as amended (the "Act"), with the Securities and Exchange Commission (the "SEC"), covering the resale of the shares of common stock issuable upon exercise of the warrants within 45 days following the closing of the offering.  The closing of the offering is expected to occur on or about August 22, 2023 , subject to the satisfaction of customary closing conditions.

The shares of common stock described above are being offered and sold by the Company pursuant to a "shelf" registration statement on Form S-3 (File No. 333-271324) originally filed with the SEC on April 18, 2023 , as amended on April 26, 2023 , and declared effective by the SEC on April 28, 2023 . The offering of such shares of common stock in the registered direct offering is being made only by means of a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying base prospectus relating to the registered direct offering will be filed with the SEC. Copies of the final prospectus supplement and accompanying base prospectus may be obtained, when available, for free by visiting EDGAR on the SEC's website at www.sec.gov . Alternatively, you may contact [email protected] for a copy of these documents or contact our principal executive offices at 4016 Raintree Rd, Ste 300, Chesapeake, VA 23321, c/o Corporate Secretary, (800) 490-5020.

The warrants described above are being offered and sold in a private placement under Section 4(a)(2) of the Act and Regulation D promulgated thereunder and, along with the shares of common stock underlying such warrants, have not been registered under the Act, or applicable state securities laws. Accordingly, the warrants and the shares of common stock underlying such warrants may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws.

This press release shall not constitute an offer to sell or the solicitation of any offer to buy the securities discussed herein, nor shall there be any offer, solicitation, or sale of the securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

About Greenwave
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 /.

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.

View original content to download multimedia: https://www.prnewswire.com/news-releases/greenwave-technology-solutions-announces-3-2-million-registered-direct-offering-priced-above-market-301905571.html

SOURCE Greenwave Technology Solutions

Greenwave generated $1.23 million in positive cashflows from operations during the six months ended June 30, 2023 , a new record for the Company

Company generated $18.46 million in revenues for the six months ended June 30, 2023 , the second highest in the Company's history

Subsequent to the close of the quarter, Greenwave closed a private placement for proceeds of $15 million , paying off all outstanding factoring advances and reducing its equipment financing debt by $2 million

CHESAPEAKE, Va. , Aug. 15, 2023 /PRNewswire/ -- Greenwave Technology Solutions, Inc. ("Greenwave" or the "Company") (NASDAQ: GWAV), a leading operator of metal recycling facilities in Virginia , North Carolina and Cleveland, OH , is pleased to announce that it generated revenues of $9.46 and $18.45 million during the three and six months ended June 30, 2023 , respectively, the third highest quarterly revenues in its history. Further, for the six months ended June 30, 2023 , Greenwave generated positive cashflows from operating activities of $1.23 million – a new record for the greatest amount of cashflows generated by the Company during a six month period.

"Greenwave is continuing to position itself as one of the most robust metal recycling companies on the east coast, suppling steel and other recycled metals to some of the nation's leading steel mills and foundries," stated Danny Meeks , Chairman and CEO of Greenwave. "We believe there will continue to be aggressive consolidation in this industry, as demonstrated by yesterday's buyout offer of U.S. Steel. We continue to execute on our strategic business objective – expanding our operations, increasing volumes, and growing our revenues – and believe Greenwave is one of the most unique and compelling companies in the metal recycling industry."

Subsequent to the close of the quarter, Greenwave commenced operation of a downstream processing system at its Kelford, NC facility. The downstream processing system recovers millimeter-minus pieces of metal from Greenwave's automotive shred residue or "fluff" as it is known in the industry. The Company has generated an average of $38,000 per business day in revenue, with margins exceeding 80%, from metal recovered by the downstream system since it commenced operations. As Greenwave continues to optimize the operation of its downstream processing system, and brings a copper extraction component online, revenues generated by its downstream processing system could exceed $1 million per month by the end of 2023. As a result of the downstream system commencing operations, the Company is currently generating positive cashflows from operating activities and expects to generate positive EBITDA for the year ending December 31, 2023.

Recent financial results and operational highlights:

• On August 1, 2023 , closed a private placement for proceeds of $15 million , paying off all outstanding factoring advances and reducing its equipment financing debt by $2 million . This reduced Greenwave's monthly cash repayment obligations by more than $800,000 , significantly improving the Company's cashflows.
• Greenwave no longer has any shares of preferred stock outstanding – in July 2023 , the Company issued shares of common stock to fully satisfy and retire the Company's Series Z Preferred Stock, previously owned by Greenwave's Chairman Danny Meeks .
• Company's second automotive shredder expected to come online this quarter – will double Greenwave's ferrous metal processing capacity. By selling its ferrous metal as shredded rather than unshredded, the Company generates approximately 33% more revenue with profit margins in excess of 60%.
• Appointed Henry Sicignano III to the Company's Board of Directors -- Mr. Sicignano currently serves as the President of Charlie's Holdings, Inc., a publicly traded consumer products company with sales in more than 90 countries. Prior to this role, he served as Chief Executive Officer, President, and Director of 22nd Century Group, Inc., a publicly listed plant biotechnology company. Additionally, Mr. Sicignano served as General Manager at NOCO Energy Corp, as well as Vice President at Kittinger Furniture Company, Inc. He currently serves on the board of directors of Kartoon Studios and served on the board of directors of Anandia Laboratories, Inc. until it was acquired in 2018. Mr. Sicignano holds a B.A. degree from Harvard College and an M.B.A. degree from Harvard University .
• Appointed Jason Adelman to the Company's Board of Directors – Mr. Adelman brings extensive experience in advising and investing in emerging growth companies in the technology, media, medical device and biotech sectors. Mr. Adelman was the lead banker in Computer Motion's merger with Intuitive Surgical and was a member of the board of directors of Pharmacyclics prior to its acquisition by Abbvie for over $20 billion . Currently, Mr. Adelman serves as a member of the board of directors of Trio-Tech International, a global semiconductor services company, and Oblong, Inc., a leader in next generation collaboration technologies. Prior to founding Burnham Hill Capital Group, LLC in 2003, Mr. Adelman served as Managing Director of Investment Banking at H.C. Wainwright and Co., Inc. Mr. Adelman holds a B.A degree in Economics from the University of Pennsylvania and a J.D. degree from Cornell Law School .

For more information, please see the Company's Quarterly Report on Form 10-Q filed on August 14, 2023 .

About Greenwave
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/.

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 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.

View original content to download multimedia: https://www.prnewswire.com/news-releases/greenwave-technology-solutions-reports-third-highest-quarterly-revenues-in-company-history-301900543.html

SOURCE Greenwave Technology Solutions

Company's downstream processing system has commenced operations and is on track to generate in excess of $1,000,000 per month in revenue with 80%+ margins by the end of 2023.

Greenwave expects to generate positive cashflows from operations and positive EBITDA for the year ending December 31, 2023 .

Second automotive shredder expected to commence operations in Q3 2023, doubling Greenwave's ferrous metal processing capacity and significantly improving the Company's top and bottom lines.

Company strengthens balance sheet with $15 million financing.

CHESAPEAKE, Va. , Aug. 3, 2023 /PRNewswire/ -- Greenwave Technology Solutions, Inc. ("Greenwave" or the "Company") (NASDAQ: GWAV), a leading operator of metal recycling facilities in Virginia , North Carolina and Cleveland, OH , is pleased to announce that it has commenced operation of a downstream processing system at its Kelford, NC facility. The downstream processing system recovers millimeter-minus pieces of metal from Greenwave's automotive shred residue or "fluff" as it is known in the industry.

The Company has generated an average of $38,000 per business day in revenue, with margins exceeding 80%, from metal recovered by the downstream system since it commenced operations. As Greenwave continues to optimize the operation of its downstream processing system, and brings a copper extraction component online, revenues generated by its downstream processing system could exceed $1 million per month by the end of 2023. As a result of the downstream system commencing operations, the Company is currently generating positive cashflows from operating activities and expects to generate positive EBITDA for the year ending December 31, 2023 .

"We are at an inflection point in Greenwave's growth trajectory. With the downstream processing system now online and new infrastructure set to come online in the coming weeks, we believe Greenwave's revenue growth will accelerate going into 2024, in addition to increasing profit margins," stated Danny Meeks , Chief Executive Officer of Greenwave. "We are incredibly grateful for the trust and support of Greenwave's shareholders. We are continuing to execute on our strategic growth initiatives and look forward to reporting back on our progress."

Second Automotive Shredder

The Company is pleased to announce it 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. Greenwave's second automotive shredder is expected to come online this quarter and more than 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%.

The completion of Greenwave's second automotive shredder concludes its multi-year capex cycle, under which the Company has invested more than $15 million in its infrastructure and equipment over the past 18 months. This capex cycle is expected to double its ferrous metal processing capacity from fiscal 2022 levels and result in the Company having the infrastructure to accretively scale to over 20 metal recycling facilities.

Cleveland Facility

Greenwave formally opened its Cleveland metal recycling facility in April 2023 and is currently generating approximately $100,000 in revenue per month. In the Company's experience, it typically takes 9 to 12 months before a newly opened facility reaches its full volume and revenue potential – it takes time to optimize operations, inform the community that a new metal recycling facility is open, and for local businesses and individuals to get in the routine of bringing their metal to the new facility.

Greenwave has been installing a shear baler at this facility, expected to commence operations in August 2023 , which will significantly increase the amount of metal the Cleveland facility can purchase, process, and sell. The Company's Cleveland facility also has access to the adjoining railroad to easily transport the scrap metal it processes to steel mills and foundries. Hundreds of local businesses and individuals are accustomed to selling their metal scrap to facilities in the same vicinity on a regular basis. Given these factors, Greenwave expects the monthly revenue generated by its Cleveland facility will ramp to over $500,000 per month in 2024.

Strengthening the Company's Balance Sheet

On August 1, 2023 , Greenwave closed a private placement financing with certain institutional and accredited investors for the purchase and sale of senior secured convertible notes and warrants. Gross proceeds to the Company from the offering were $15 million , before deducting the placement agent's fees and other offering expenses payable by the Company. The Company expects to use the proceeds to fully retire all factoring advances outstanding, reduce its equipment debt, and for general corporate purposes.

The notes mature in 24 months, are amortized in monthly cash payments commencing in the seventh month following the close and are convertible into shares of common stock at a fixed price of $1.50 per share.

The Special Equities Group, a division of Dawson James Securities Inc., acted as the sole placement agent for the financing.

For more information on this financing, please see the Company's Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on August 3, 2023 .

About Greenwave
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/.

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 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.

View original content to download multimedia: https://www.prnewswire.com/news-releases/greenwave-technology-solutions-inc-shareholder-update-301892824.html

SOURCE Greenwave Technology Solutions