Initial value estimates at over $500,000 in revenues
Company secures exclusive operations in Virginia's largest city and industrial hub, home to several military bases, advanced manufacturers, and defense contractors
Leveraging municipal and federal agreements further establishes Greenwave's leadership in metal recycling
Greenwave Technology Solutions, Inc., a prominent leader in sustainable metal recycling across Virginia, North Carolina, and Ohio, announces its exclusive contract win with the City of Virginia Beach—the state's largest city and industrial hub. Under this strategic agreement, Greenwave becomes the city's sole provider for scrap metal recycling services, strengthening its market presence and reaffirming its reputation as a trusted reputable metal recycling provider.
As detailed in the contract's Scope of Services, the City of Virginia Beach generated 800 tons of ferrous metal and 179,000 pounds of non-ferrous scrap metal in 2023, translating into an anticipated revenue stream of over $500,000 for Greenwave in the upcoming year.
Key Competitive Advantages:
Exclusive Market Presence: As the only metal recycling facility in Virginia Beach, Greenwave's operation benefits from strategic proximity to NAS Oceana and the region's industrial hub.
Barriers to Entry: A robust portfolio of operational licenses, safeguarded by municipal regulations, ensures limited competition in this highly regulated market.
Real Estate Investment: The recent acquisition of key facility real estate in Carrollton, Virginia Beach and Toano fortifies Greenwave's position and prepares the Company for future strategic transactions.
Strategic Growth Trajectory:
Greenwave continues to prioritize government contracts as a cornerstone of its growth strategy, leveraging key relationships across municipal and federal sectors. Notable initiatives include:
Partnerships for large-scale infrastructure projects such as the Hampton Roads Bridge Tunnel expansion.
Agreements with numerous municipalities for recycling abandoned vehicles.
Contracts supporting U.S. Federal Government operations.
Located near Naval Station Norfolk, the world's largest naval base, and the Port of Virginia, Greenwave taps into an abundant supply of prime scrap metal from defense contractors, shipyards, and logistics operations.
Greenwave's Vision:
With unmatched market positioning, a robust contract pipeline, and proximity to key supply chains, Greenwave is poised for long-term, sustainable growth and value creation for its stakeholders.
