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., Sept. 14,
2023 /PRNewswire/ -- 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 use its proprietary data
to train a large language model (LLM) to develop AI for the scrap
industry
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.
(1)
https://www.ibisworld.com/united-states/market-research-reports/scrap-metal-recycling-industry/
(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. 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/greenwave-technology-solutions-launches-scrap-app-with-ai-pricing-engine-in-development-301927165.html
SOURCE Greenwave Technology Solutions