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.
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SOURCE Greenwave Technology Solutions