Greenwave Technology Solutions' Scrap App Continues Capturing Market Share
Greenwave Generated Over $200,000 in Revenue from Cars Purchased through Scrap App During its First 130 Days
Company is Developing Artificial Intelligence to Optimize Pricing and Automate Systems to Create Efficiencies as it Continues to Capture Market Share
CHESAPEAKE, Va., Jan. 30, 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, today announced that its wholly-owned subsidiary, Scrap App, Inc. ("Scrap App"), is continuing to capture market share in initial strategic markets, Cleveland, Ohio, and Hampton Roads, Virginia. Greenwave has generated more than $200,000 in revenue from cars purchased through Scrap App in its first 130 days since launch, as it captures market share for end-of-life motor vehicles.
The Company plans to expand Scrap App to additional strategic markets in February and March of 2024.
Greenwave believes Scrap App has the potential to scale significantly, with a competitor reportedly generating $159 million in annual revenue(1). Greenwave believes that efficiencies created by its vertical integration of key stages of the car scrapping process could create significant competitive advantages.
Scrap App has adopted the lean startup methodology – expanding primarily utilizing the cashflows it generates from operating activities – while focusing on developing systems that will enable it to scale in a manner that is capital-efficient. Similar to how Tinder operated as a startup within Match Group, Inc., initially a subsidiary of IAC, Inc., Greenwave intends to utilize its expansive expertise in the $41.4 billion metal scrap industry(2) to develop Scrap App into an industry-leading technology platform.
Greenwave is developing artificial intelligence to optimize its pricing operation and automate certain systems and processes to create and enhance efficiencies.
(1) https://rocketreach.co/peddle-profile_b5ebd76df42e85ca
(2) https://www.ibisworld.com/united-states/market-research-reports/scrap-metal-recycling-industry/
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
