Greenwave Technology Solutions, an operator of metal recycling facilities in Virginia, North Carolina and Ohio, has announced the launch of Scrap App. Initially focused on junk cars, Greenwave is developing an AI pricing engine to optimise profit margins on the vehicles it purchases.
Greenwave plans to utilise 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 US$41.4 billion 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. Greenwave believes that generative AI will enable the company to optimise pricing, provide the most informed real-time quotes to customers and could provide significant competitive advantages.
“We’re building Scrap App to create a smoother and more efficient scrapping experience for both scrappers and businesses,” said Greenwave Chief Executive Officer, Danny Meeks. “If Scrap App gains widespread adoption, we intend to charge a fee for every transaction it facilitates, along with monthly recurring listing fees.”
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.