EXCLUSIVE: Greenwave Tech Launches ScrapApp.com For Scrap Metal Industry with AI Pricing

Greenwave Technology Solutions, Inc GWAV, an operator of metal recycling facilities, launched ScrapApp.com. 

What Happened? Greenwave submitted Scrap App’s mobile application to the App Store and Google Play and expects it to be available for download shortly. 

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 of thousands of unique transactions annually for more than 20 different ferrous and non-ferrous metals grades to train a large language model for the $41.4 billion scrap metal industry. 

Why Does It Matter? The Company believes that generative AI will enable the Company to optimize pricing, provide customers with the most informed real-time quotes, and offer significant competitive advantages.

Greenwave intends to develop Scrap App into the leading technology platform for the multi-billion dollar scrap metal industry. 

The Company plans to develop an AI quoting system for metal from construction and demolition projects in the coming months, list the nearest scrap yards with their real-time prices, and introduce a points-based rewards system. 

Greenwave CEO Danny Meeks said, “If Scrap App gains widespread adoption, we intend to charge a fee for every transaction it facilitates – along with monthly recurring listing fees.”

A competitor to Scrap App reportedly generates $159 million in annual revenue. Greenwave believes efficiencies created by its vertical integration of critical 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 will expand to several additional strategic markets shortly. Greenwave has formed Scrap App, Inc as a wholly-owned subsidiary to develop and manage the Scrap App platform. 

Price Action: GWAV shares traded higher by 13.5% at $0.84 premarket on the last check Thursday.