Greenwave Technology Solutions' Scrap App Sets New Daily Record

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

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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.

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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.

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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.

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(1) https://www.ibisworld.com/united-states/market-research-reports/scrap-metal-recycling-industry/#IndustryStatisticsAndTrends
(2) https://rocketreach.co/peddle-profile_b5ebd76df42e85ca

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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.

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Forward-looking Statements
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