Greenwave Expands Margins as Steel Prices Jump, Boosted by Naval Scrap Supply and Nucor Demand, Eyes Tariff Windfall and Strategic Deals

Greenwave Technology Solutions, Inc. (NASDAQ:GWAV) ("Greenwave" or the "Company"), today announced that its margins have expanded significantly due to surging prices for scrap steel –  already up 20% since early February and expected to go higher – ahead of steel and aluminum import tariffs taking effect on March 12, 2025.

Prices for Scrap Steel have Surged More than 20% the Past Month and are Expected to Go Higher

Greenwave operates 13 metal recycling facilities in Virginia, North Carolina, and Ohio, providing 100% domestically-sourced scrap metal to Nucor, Sims, Cleveland-Cliffs, Georgia-Pacific, alongst other industry titans.

Unlike country-specific tariffs which are often modified, metal import tariffs significantly strengthen America's national security and are expected to remain in effect for the foreseeable future.

Fortress of Licenses: A Competitive Moat

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 directly across the street from NAS Oceana Master Jet Base 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.

Positioning for a Strategic Transaction

Greenwave recently 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.

Upcoming Growth Catalysts

Greenwave is set to benefit from the 2025 opening of Nucor Corporation's state-of-the-art steelmaking facility in Lexington, North Carolina(1). The facility's staggering 430,000-ton annual processing capacity, consisting of nearly 100% recycled materials, will significantly increase regional demand for recycled steel(1).

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. The Company 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