Meet Greenwave Technology: Fly exclusive interview with CFO Isaac Dietrich

In an exclusive interview with The Fly, Greenwave Technology’s (GWAV) CFO and former CEO Isaac Dietrich talked about the company, current projects, the AI space and much more.

METAL RECYCLING: Greenwave Technology is an operator of metal recycling facilities in Virginia, North Carolina, and Ohio. The company has several technologies to increase metal processing volumes and operating efficiencies, including a downstream recovery system and a cloud-based ERP system. Steel is one of the world’s most recycled products with the ability to be re-melted and recast numerous times while offering significant economic and environmental benefits when compared with virgin materials. Greenwave’s suppliers include large corporations, industrial manufacturers, retail customers, and government organizations.

“We operate 13 metal recycling facilities in Virginia, North Carolina, and Ohio. And at these facilities, we purchase metal from about 300 individuals, businesses, and municipalities every day. So, people bring us their scrap metal, we purchase it from them, then we process it and sell it to some of the largest steel mills in the United States,” Dietrich explained to The Fly in an exclusive interview.

AI PRICING ENGINE: Greenwave is developing an AI pricing engine for junk cars to optimize margins and plans to utilize its proprietary transaction data to train a large language model. The company intends to develop Scrap App into the leading technology platform for the $41.4B scrap metal industry.

“GreenWave is already one of the largest purchasers of scrap cars from pedal, from auto auctions, from municipalities. Basically, anywhere we can buy cars, we’re already buying them. And the idea with ScrapApp is to go direct to the customer and vertically integrate the whole car scrapping process so we can give consumers more money, have more margins for our shareholders, and we’re utilizing AI to optimize the quotes that we’re offering consumers, and to be more of a conversationalist in the quoting process,” the executive said.

“We believe we’re one of the first in the scrap metal industry to utilize AI to optimize our processes and margins. And we feel that it will give us a competitive advantage as we look to develop scrap apps into one of the largest technology platforms for the industry,” Dietrich added.

COPPER EXTRACTION SYSTEM: Back in late August, Greenwave said it expected its copper extraction system to begin operations shortly. The company’s CFO explained to The Fly that the timeline remains the same, despite slight delay due to tropical storm. “All the components are at our facility. It is being assembled shortly, and we expect to have it online by the second week of October. Everything is progressing as expected. A tropical storm hit recently, and it slightly delayed things, but it will be online within the next couple of weeks,” Dietrich explained.

MATERIAL IMPACT ON Q4: Discussing upcoming milestones and events, Greenwave’s CFO highlighted the company’s second automotive shredder. “We were able to locate a transformer and electrical infrastructure that’s compatible. So that is being installed over the next couple of weeks. That will more than double the ferrous metal processing capacity of our company. So, we expect that we’ll have a material impact on our Q4 revenues and really put the company in a position to scale from 13 scrapyards today to 20 or 30 scrapyards in the coming quarters. GreenWave generated $34M in revenue last year. Our goal is to be over $50M in revenue next year. And we feel that, with all the infrastructure we have in place, that is an achievable goal.”

DISCONNECT: Greenwave’s CFO thinks “there’s a disconnect” between the company and Wall Street. “We have a $8M market capitalization today and the company generated over $34M in revenue, cash flow positive from operations the first six months of the year. I believe that as the market understands what it is that we’re developing and all the infrastructure we now have in place, our stock will come to reflect the operations of the company.”

“Meet the Company” is The Fly’s recurring series of exclusive short interviews with Executive Officers to offer a deeper look inside the company.