Greenwave Technology Solutions Launches Scrap App with AI Pricing Engine in Development
September 14, 2023
Greenwave is developing an AI pricing engine for junk cars to optimize margins and plans to utilize its proprietary transaction data to train a large language model (LLM)
Greenwave intends to develop Scrap App into the leading technology platform for the $41.4 billion scrap metal industry(1)
The Company plans to expand Scrap App’s functionality to provide quotes for metal from construction and demolition projects, list nearby scrap yards with their real-time prices, and building a points-based rewards system
(Chesapeake, VA) September 14, 2023 – 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 the launch of ScrapApp.com. Scrap App’s mobile application has been submitted to the App Store and Google Play and Greenwave expects it will be available for download in the near future. Initially focused on junk cars, Greenwave is developing an AI pricing engine to optimize profit margins on the vehicles it purchases.
Greenwave plans to utilize its proprietary data comprised of tens of thousands of unique transactions annually for more than 20 different grades of ferrous and non-ferrous metals to train a large language model for the $41.4 billion scrap metal industry(1). The Company believes that generative AI will enable the Company to optimize pricing, provide the most informed real-time quotes to customers, and could provide significant competitive advantages.
Greenwave intends to develop Scrap App into the leading technology platform for the multi-billion dollar scrap metal industry. In the coming months, the Company plans to develop an AI quoting system for metal from construction and demolition projects, list nearest scrap yards with their real-time prices, and introduce a points-based rewards system.
“We’re building Scrap App to create a smoother and more efficient scrapping experience for both scrappers and businesses,” stated Greenwave Chief Executive Officer Danny Meeks. “If Scrap App gains widespread adoption, we intend to charge a fee for every transaction it facilitates – along with monthly recurring listing fees. We believe Scrap App has the potential to create significant shareholder value and we look forward to keeping you posted on our progress.”
A competitor to Scrap App reportedly generates $159 million in annual revenue(2). Greenwave believes that efficiencies created by its vertical integration of key stages of the car scrapping process could provide significant competitive advantages to capture market share.
Scrap App is initially available in Virginia and North Carolina and intends to expand to several additional strategic markets in the near future. Greenwave has formed Scrap App, Inc. as a wholly-owned subsidiary to develop and manage the Scrap App platform.
Greenwave Technology Solutions, Inc., through its wholly owned subsidiary Empire Services, Inc.
(“Empire”), is a leading operator of 13 metal recycling facilities in Virginia, North Carolina, and Ohio. The Company’s recycling facilities collect, classify, and process raw scrap metal (ferrous and nonferrous) and implement several unique technologies to increase metal processing volumes and operating efficiencies, including a downstream recovery system and cloud-based ERP system.
Steel is one of the world’s most recycled products with the ability to be re-melted and re-cast numerous times. Recycling steel provides key environmental benefits over virgin metals, including reduced energy use, lower CO2 emissions, lower waste, and conserving natural resources. Greenwave’s customers include large corporations, industrial manufacturers, retail customers, and government organizations. The Company plans to aggressively expand its footprint of locations by acquiring independent, profitable scrap yards in the coming months. For more information, please visit www.GWAV.com.
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These include, without limitation, statements about its revenue growth, opening of additional locations, margin expansion and cashflow projections. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although the Company believes that its plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, the Company can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Company’s control), assumptions and other factors that could cause actual results to differ materially from historical experience and present expectations or projections. Such factors include market conditions, the ability of the Company to satisfy all conditions precedent to the closing of the registered direct offering, and the completion of the registered direct offering. Actual results may differ materially from those in the forward-looking statements and the trading price for the Company’s common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company’s filings with the SEC. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.