Greenwave Technology Solutions(US:GWAV) Prnewswireยท2024-12-02 22:25Core Insights - Greenwave Technology Solutions, Inc. has acquired the real estate for seven of its core metal recycling facilities, reducing annual rent expenses by approximately $1.7 million, which enhances cash flow and positions the company for future growth [1] - The company holds a portfolio of operational licenses for its metal recycling facilities, protected by grandfathered municipal codes, creating significant barriers to entry for competitors in regulated markets [2] Facility Highlights - The Norfolk, VA facility is strategically located near the largest U.S. Naval Base, benefiting from a steady influx of prime scrap metal and holding a unique automotive recycler/demolisher license [3] - The Virginia Beach, VA facility is the only metal recycling facility in the state's largest city, positioned near NAS Oceana and the industrial core [3] - The Portsmouth, VA facility serves as a cost-effective hub for shipments due to its proximity to the Port of Virginia, with its license also protected by grandfathered regulations [3] Company Overview - Greenwave operates 13 metal recycling facilities across Virginia, North Carolina, and Ohio, supplying ferrous and non-ferrous metals to steel mills and industrial conglomerates [5] - The company plays a critical role in supplying raw metal for infrastructure projects and U.S. warships, which are vital to national security [5] - Headquartered in Chesapeake, VA, Greenwave employs 167 individuals in its operations [5]