Greenwave Technology Solutions, Inc. Launches AI-Powered Expansion of Scrap App

Rhea-AI Summary

Greenwave Technology Solutions (NASDAQ: GWAV) has announced the launch of an AI-powered operator in its subsidiary, Scrap App, targeting the $32 billion U.S. auto recycling market. The AI system enables autonomous real-time quotes for junk cars, vehicle pickup scheduling, and customer inquiry handling, aimed at reducing operating costs and improving scalability.

Scrap App has already established operations in Hampton Roads, Richmond, Greenville, Elizabeth City, and Cleveland. The company plans to expand into the top 25 U.S. markets by the end of 2025, leveraging its AI-driven, vertically integrated model. The expansion strategy targets a market where a leading competitor reported $130.7 million in FY 2024 revenue.

Positive

• Introduction of AI automation system reducing operational costs
• Established presence in 5 key markets
• Planned expansion into top 25 U.S. markets by end of 2025
• Operating in a large $32 billion market opportunity

Negative

• None.

Scrap App's AI Operator Drives Automation of Quotes, Scheduling, and Customer Support

Company Accelerates Nationwide Expansion in 2025, Building on Success in Key Cities

Aims to Dominate $32 Billion Auto Recycling Industry

CHESAPEAKE, Va., Jan. 27, 2025 /PRNewswire/ -- Greenwave Technology Solutions, Inc. (Nasdaq: GWAV) ("Greenwave" or the "Company"), a leader in metal recycling, today announced the launch of an advanced AI-powered operator in its subsidiary, Scrap App (www.scrapapp.com). This innovation positions Scrap App as a disruptive force in the fragmented $32 billion U.S. auto recycling market_(1).

Transforming the Junk Car Industry with AI

Scrap App's AI Operator enables it to autonomously:

• Provide real-time quotes for junk cars.
• Schedule vehicle pickups.
• Handle customer inquiries with precision.

This automation reduces operating costs, enhances scalability, and improves customer experience. Competing in an industry where a leading player reported $130.7 million in FY 2024 revenue_(2), Scrap App is poised to capture significant market share.

Aggressive National Expansion

Scrap App has already established a strong presence in Hampton Roads, Richmond, Greenville, Elizabeth City, and Cleveland. Leveraging its AI-driven, vertically integrated model, Greenwave plans to expand Scrap App into the top 25 U.S. markets by the end of 2025.

"Scrap App's AI technology is redefining the junk car industry," said Danny Meeks, CEO of Greenwave Technology Solutions. "This innovation not only enhances operational efficiency but also positions us as a leader capable of scaling rapidly in a high-growth market."

Investor Takeaways

• $32 Billion Market Opportunity: Greenwave is targeting a fragmented auto recycling industry with a proven, scalable model_(1).
• AI-Driven Cost Reduction: Automation enhances profitability and enables rapid geographic expansion.   
• Proven Success: Early market penetration validates Scrap App's growth potential and competitive advantage.

Greenwave's focus on innovation and scalability underscores its commitment to unlocking long-term shareholder value. 

1. https://www.a-r-a.org/industry-statistics.html
2. https://www.zoominfo.com/c/peddle-llc/357037000

About Greenwave Technology Solutions, Inc.
Greenwave Technology Solutions, Inc. (Nasdaq: GWAV) operates 13 metal recycling facilities supplying leading steel mills and industrial partners with sustainably sourced metals. Headquartered in Chesapeake, VA, Greenwave plays a critical role in infrastructure projects and U.S. national security, with operations across Virginia, North Carolina, and Ohio. For more information, visit www.GWAV.com.

For detailed financials and updates, 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

FAQ

What is Scrap App's AI-powered expansion plan for GWAV in 2025?

GWAV plans to expand Scrap App into the top 25 U.S. markets by the end of 2025, leveraging its AI-driven system for automated quotes, scheduling, and customer support.

How large is the market opportunity for GWAV's Scrap App?

Scrap App is targeting the U.S. auto recycling market, valued at $32 billion, where a leading competitor reported $130.7 million in FY 2024 revenue.

Which cities does GWAV's Scrap App currently operate in?

Scrap App currently operates in Hampton Roads, Richmond, Greenville, Elizabeth City, and Cleveland.

What are the main features of GWAV's new AI operator in Scrap App?

The AI operator provides autonomous real-time quotes for junk cars, schedules vehicle pickups, and handles customer inquiries, aimed at reducing operating costs and improving scalability.