Greenwave Technology Solutions, Inc. Positioned to Capitalize on Nucor's Lexington Facility Launch and Record Domestic Demand

PR Newswire

Thu, Dec 5, 2024, 6:16 AM 4 min read

CHESAPEAKE, Va., Dec. 5, 2024 /PRNewswire/ -- Greenwave Technology Solutions, Inc. (Nasdaq: GWAV), a leader in metal recycling operations across Virginia, North Carolina, and Ohio, is set to benefit from the 2025 opening of Nucor Corporation's state-of-the-art steelmaking facility in Lexington, North Carolina. The facility's staggering 430,000-ton annual processing capacity, consisting of nearly 100% recycled materials, will significantly increase regional demand for recycled steel.

Greenwave Chairman and Chief Executive Officer Danny Meeks with employees

Positioned as a Leading Supplier
Greenwave stands as one of North Carolina's largest suppliers of recycled steel, operating five metal recycling facilities and an industry-leading American Pulverizer 60x85 shredder. Greenwave has a proven track record of supporting Nucor's operations, supplying its Hertford mill with steel for critical applications, including bridges, heavy equipment, and warships vital to American national security interests, including the $13 billion USS Gerald Ford aircraft carrier.

Key Growth Drivers and Market Opportunities

Surging Regional Infrastructure Demand: Supported by recent federal investment, the South Atlantic Region is experiencing an unprecedented surge in construction projects, driving demand for recycled metals.
Domestic Market Shift: Greenwave projects 75% of revenue will stem from domestic sales in 2025, up from 41% over the previous four years, as President-elect Trump's anticipated tariffs and trade policies reshape global steel dynamics. This transition is expected to result in significant revenue growth and margin expansion.
Sustainability Leadership: Operating 13 strategically located recycling facilities, Greenwave aligns with the growing emphasis on sustainable, domestically sourced ferrous and non-ferrous metals vital to the U.S. defense and infrastructure sectors.

Unlocking Shareholder Value

Greenwave's strong operational footprint and relationships with industry leaders – Nucor Corporation, Sims Metal Management, and Cleveland-Cliffs, Inc. – position the Company to capitalize on robust domestic demand and favorable policy shifts. As regional steel supply chains pivot toward sustainable and domestically sourced metals, Greenwave is optimally positioned for rapid growth.

About Greenwave – One of the Mid Atlantic's Leading Metal Recyclers

As an operator of 13 metal recycling facilities, Greenwave Technology Solutions, Inc. (Nasdaq: GWAV) supplies leading steel mills and industrial conglomerates with ferrous and non-ferrous metal. With steel being one of the most recycled materials worldwide, Greenwave supplies the raw metal utilized in critical infrastructure projects and U.S. warships vital to American national security interests. Headquartered in Chesapeake, VA, the Company has 167 employees with metal recycling operations across Virginia, North Carolina, and Ohio.

For detailed financials and updates, 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. 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.