Greenwave Sees Adoption of Technology and Specifically Artificial Intelligence in the $42.3 Billion U.S. Scrap Metal Industry(1) as Being a Driver for Growth and Competitive Advantage
Company Recently Set a New Daily Record for Cars Purchased Through the Scrap App Platform
CHESAPEAKE, Va., June 18, 2024 /PRNewswire/ — Greenwave Technology Solutions, Inc. (“Greenwave” or the “Company”) (Nasdaq: GWAV), an operator of metal recycling facilities in Virginia, North Carolina, and Ohio, announced today that its wholly-owned subsidiary, ScrapApp.com, recently set a new daily record for cars purchased through the Scrap App platform.
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.
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 an 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).
Steel is one of the world’s most recycled products with the ability to be re-melted and re-cast numerous times. 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.
SOURCE Greenwave Technology Solutions
