Greenwave Technology Solutions' Scrap App Continues Capturing Market Share

The Company plans to expand Scrap App to additional strategic markets in February and March of 2024.

SEATTLE (Scrap Monster): Greenwave Technology Solutions, Inc. ('Greenwave' or the 'Company') (Nasdaq: GWAV), a leading operator of metal recycling facilities in Virginia, North Carolina, and Ohio, today announced that its wholly-owned subsidiary, Scrap App, Inc. ('Scrap App'), is continuing to capture market share in initial strategic markets, Cleveland, Ohio, and Hampton Roads, Virginia. Greenwave has generated more than $200,000 in revenue from cars purchased through Scrap App in its first 130 days since launch, as it captures market share for end-of-life motor vehicles.

The Company plans to expand Scrap App to additional strategic markets in February and March of 2024.

Greenwave believes Scrap App has the potential to scale significantly, with a competitor reportedly generating $159 million in annual revenue(1). Greenwave believes that efficiencies created by its vertical integration of key stages of the car scrapping process could create significant competitive advantages.

Scrap App has adopted the lean startup methodology – expanding primarily utilizing the cashflows it generates from operating activities – while focusing on developing systems that will enable it to scale in a manner that is capital-efficient. Similar to how Tinder operated as a startup within Match Group, Inc., initially a subsidiary of IAC, Inc., Greenwave intends to utilize its expansive expertise in the $41.4 billion metal scrap industry(2) to develop Scrap App into an industry-leading technology platform.

 Greenwave is developing artificial intelligence to optimize its pricing operation and automate certain systems and processes to create and enhance efficiencies.

Courtesy: www.finance.yahoo.com

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