ScrapApp.com is Now Serving the Richmond Metropolitan Area – the Third Largest in the Commonwealth of Virginia – Enabling People to Get Paid for their End-of-Life Vehicles

Currently Available in Three Markets – Hampton Roads, VA, Richmond, VA, and Cleveland, OH – Greenwave Has Generated Hundreds of Thousands of Dollars in Revenue from End-of-Life Vehicles Purchased Through Scrap App

Greenwave Intends to Launch Scrap App to Multiple New Markets in the Coming Weeks

CHESAPEAKE, Va., March 4, 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 now serving the Richmond Metropolitan Area, the third largest in the Commonwealth of Virginia. Scrap App is also available in the Hampton Roads, VA and Cleveland, OH markets. Greenwave has generated hundreds of thousands of dollars in revenue from end-of-life vehicles purchased through Scrap App.

Greenwave Technology Solutions (PRNewsfoto/Greenwave Technology Solutions)

Greenwave intends to expand to multiple new markets in the coming weeks and believes the efficiencies created by its vertical integration of key stages of the car scrapping process could create significant competitive advantages. A competitor to Scrap App reportedly generated $159 million in annual revenue(1).

Scrap App has adopted the lean startup methodology, expanding primarily utilizing the cashflows it generates from operating activities. 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. 

  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

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