Greenwave Technology Solutions' Scrap App Launches A.I. Features to Scale and Grow into New Markets

A competitor to Scrap App reportedly generated $159 million in annual revenue during 2022.

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, announced today that its wholly-owned subsidiary, Scrap App, Inc. ('Scrap App') has launched new AI-powered features to optimize pricing and sales. Greenwave anticipates Scrap App's planned national expansion, coupled with its AI strategy, will accelerate growth.

Greenwave is one of the first companies to utilize artificial intelligence in the $42.3 billion U.S. scrap metal industry_. Scrap App has generated hundreds of thousands of dollars in revenue from end-of-life vehicles in the limited markets in which it's currently available -- Hampton Roads, VA, Richmond, VA, and Cleveland, OH.

A competitor to Scrap App reportedly generated $159 million in annual revenue during 2022_. 

Greenwave believes the efficiencies created by its vertical integration of key stages of the car scrapping process could lead to significant competitive advantages.

'We plan to expand Scrap App to multiple new markets across the United States in the coming weeks,' stated Greenwave Chairman and CEO Danny Meeks. 'As a technology platform, Scrap App has the ability to scale to new markets with minimal capital investment – we do not have to open a new facility, purchase additional equipment, or significantly expand overhead when we enter a new city. We believe Scrap App has the potential to generate significant, high-margin revenue and create value for Greenwave shareholders.'

'In addition to the second shredder that we recently announced is coming online very soon, we see Scrap App as a key strategy to our continued growth in revenues and our goal of achieving profitability,' concluded Mr. Meeks.

Greenwave intends to develop Scrap App into a leading technology platform for the multi-billion dollar scrap metal industry either as a stand-alone business serving the whole industry or a internal subsidiary giving the Company a competitive edge. In the coming months, the Company plans to list nearby scrap yards with their real-time prices and introduce a points-based rewards system. Scrap App has adopted the lean startup methodology – expanding primarily utilizing the cashflows it generates from operating activities – while focusing on utilizing A.I.-powered systems that the Company expects will enable it to scale in a capital-efficient manner.

 Courtesy: www.prnewswire.com

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