Greenwave Technology Solutions, Inc. announced the launch of ScrapApp.com. Scrap App's mobile application has been submitted to the App Store and Google Play and Greenwave expects it will be available for download in the near future. Initially focused on junk cars, Greenwave is developing an AI pricing engine to optimize profit margins on the vehicles it purchases.

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 $41.4 billion scrap metal industry. The Company believes that generative AI will enable the Company to optimize pricing, provide the most informed real-time quotes to customers, and could provide significant competitive advantages. 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. A competitor to Scrap App reportedly generates $159 million in annual revenue. Greenwave believes that efficiencies created by its vertical integration of key 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 intends to expand to several additional strategic markets in the near future. Greenwave has formed Scrap App Inc. as a wholly-owned subsidiary to develop and manage the Scrap App platform.