Chesapeake metal recycling company Greenwave Technology Solutions Inc. this month made its Scrap App available in the Richmond area.
Aimed at helping customers recycle old cars and scrap metal, Scrap App launched in September in Hampton Roads and expanded to the Cleveland area in December. The app became available in the Richmond area at the beginning of March.
Greenwave, a publicly traded company that operates 13 metal recycling facilities in Virginia, Ohio and North Carolina, says the app has thus far generated hundreds of thousands of dollars from end-of-life vehicles. The company recently restructured its debt to facilitate growth.
Greenwave did not return multiple requests for comment to discuss Scrap App.
In a series of press releases, the company has said it utilizes proprietary data comprised of tens of thousands of unique transactions annually for more than 20 different grades of metals to train an AI model that powers the app. That tech, it says, optimizes pricing and sales.
It announced Tuesday it plans to expand Scrap App to new markets in the coming weeks.
"As a technology platform, Scrap App has the ability to scale to new markets with minimal capital investment — we do not have to open a new facility, purchase additional equipment, or significantly expand overhead when we enter a new city,” Chairman and CEO Danny Meeks said in a statement. “We believe Scrap App has the potential to generate significant, high-margin revenue and create value for Greenwave shareholders."
Greenwave said in the coming months it plans to list nearby scrap yards with real-time prices and introduce a points-based rewards system on the app.
Meeks said in a statement in September the company plans to charge a fee for every transaction the app facilitates — if it can gain widespread adoption.
Greenwave said it may expand Scrap App as a stand-alone business or as an internal subsidiary.