Greenwave Technology Solutions, Inc. a leading operator of metal recycling facilities in Virginia, North Carolina, and Ohio, today announced that its wholly-owned subsidiary, Empire Metals, is now licensed to purchase end-of-life vehicle in the State of Ohio. Scrapping end-of-life vehicles is a core revenue and profit generator for Greenwave, contributing more than $5 million to the Company's top line in FY 2023.

Greenwave's scrap car buying platform, ScrapApp.com, continues to rapidly scale in the Hampton Roads, VA and Cleveland, OH markets. The Company expects to expand Scrap App to additional strategic markets in February 2024 and believes Scrap App has the potential to scale significantly, with a competitor reportedly generating $159 million in annual revenue(1).

Greenwave believes that efficiencies created by its vertical integration of key stages of the car scrapping process could create significant competitive advantages.

(1) https://rocketreach.co/peddle-profile_b5ebd76df42e85ca

 

Source:prnewswire.com

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