Greenwave Technology Solutions Launches Scrap App with AI Pricing Engine in Development
- Greenwave aims to become the leading technology platform for the $41.4 billion scrap metal industry
- Efficiencies created by vertical integration could provide significant competitive advantages
- None.
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
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
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
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
Scrap App is initially available in
(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
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.
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SOURCE Greenwave Technology Solutions