Greenwave is One of the First Companies to
Utilize Artificial Intelligence in the $42.3
Billion U.S. Scrap Metal Industry(1)
ScrapApp.com has Launched A.I.-Powered Systems
to Optimize Pricing and Sales Ahead of Planned National
Expansion
CHESAPEAKE, Va., March 26, 2024 /PRNewswire/ -- 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(1). 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(2). 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.
(1)
https://www.ibisworld.com/united-states/market-research-reports/scrap-metal-recycling-industry/#IndustryStatisticsAndTrends
(2) https://rocketreach.co/peddle-profile_b5ebd76df42e85ca
About Greenwave
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.
Forward-looking Statements
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.
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.
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SOURCE Greenwave Technology Solutions
