Greenwave Technology Solutions, Inc.'s Scrap Metal Inventories Estimated to Surpass $6 Million as Prices Surge, Poised for Further Gains

• Company's Scrap Metal Inventories are Estimated to Surpass $6 Million in Current Market Value, Ideally Positioned to Capitalize on Rising Metal Prices Amid Anticipated Tariff Increases
• Domestic Scrap Steel Prices Up Significantly This Week, Forecasted to Keep Climbing
• Exclusive Operational Licenses and Contracts with Suppliers Create Significant Barriers to Entry   

CHESAPEAKE, Va., Feb. 7, 2025 /PRNewswire/ -- Greenwave Technology Solutions, Inc. (Nasdaq: GWAV) ("Greenwave" or the "Company"), today announced its scrap metal inventories are estimated to have surpassed $6 million in current market value, positioning the Company to benefit from surging metal prices and increasing demand.

Strategic Inventory Accumulation Ahead of Tariff Hikes

Since President Trump's election, Greenwave has been strategically accumulating high-value steel, aluminum, and copper, anticipating the potential for higher tariffs on imported metals. With domestic scrap steel prices surging significantly this week and expected to climb higher, the Company anticipates its revenue growth will continue to accelerate.

Greenwave's primary customers remit payment the same day as metal delivery, ensuring a steady cash flow. With a fleet of over 50 trucks, the Company can efficiently transport hundreds of thousands of dollars' worth of metal to customers daily. This operational agility allows Greenwave to capitalize on market opportunities, swiftly fulfill customer orders during supply chain disruptions, and maintain a robust liquidity position.

Rapid Consolidation of Scrap Industry Driving Scarcity

Steelmakers are leading a wave of consolidation in the scrap metal industry, securing the supply of raw materials to de-risk their operations and feed a projected increase of 16 million tons of annual capacity in the coming years_(1).

• Sims Metal acquired Baltimore Scrap Corp. for $220 million (2023) _(2).
• Nucor acquired the assets of Garden Street Iron & Metal for an undisclosed amount (2023) _(3).
• Cleveland-Cliffs acquired Ferrous Processing and Trading Co. for $775 million (2021) _(4).
• Steel Dynamics acquired Roca Acero for $90 million (2022) _(5).

Clear Competitive Edge: Exclusive Licenses, Infrastructure, and Market Dominance

Greenwave holds a portfolio of highly coveted operational licenses for the Company's metal recycling facilities. These licenses, often protected by grandfathered municipal codes, provide significant barriers to entry to competitors in Greenwave's tightly regulated markets.

Key highlights include:

• Norfolk, VA Facility: Positioned near the largest U.S. Naval Base, Greenwave's Norfolk facility benefits from a steady influx of prime scrap metal and holds one of the only Virginia Department of Motor Vehicles automotive recycler/demolisher licenses in the city.
• Virginia Beach, VA Facility: Greenwave operates the sole metal recycling facility in the state's largest city, Virginia Beach, strategically located near NAS Oceana and the region's thriving industrial core.
• Portsmouth, VA Facility: A cost-effective hub for domestic and international shipments due to its proximity to the Port of Virginia, the Company's Portsmouth facility holds a license protected by grandfathered regulations.

Greenwave recently completed a multi-year capex cycle in which it invested over $20 million in equipment, infrastructure, and a fleet of over 50 trucks to facilitate rapid expansion and delivery of significant quantities of mill-ready metal to industry titans. Further, the Company acquired the real estate for seven of its core facilities – thus reducing the Company's annual rent expenses by approximately $1.7 million, enhancing cashflow and positioning the Company for potential high-value strategic transactions.

About Greenwave Technology Solutions, Inc.

Greenwave Technology Solutions, Inc. (Nasdaq: GWAV) operates 13 metal recycling facilities supplying leading steel mills and industrial partners with 100% domestically-sourced metals. Headquartered in Chesapeake, VA, Greenwave plays a critical role in infrastructure projects and U.S. national security, with operations across Virginia, North Carolina, and Ohio. For more information, visit www.GWAV.com.

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.

SOURCE Greenwave Technology Solutions