Periodic Reporting for period 2 - Schrott24 (Leveraging online services to enhance the efficiency and transparency of recycling and trading of metal throughout the EU.)
Période du rapport: 2020-09-01 au 2022-02-28
The European metal recycling industry has the potential to be a major contributor to a sustainable future for the European Union. Almost all metals are 100% recyclable, and can be recycled continuously without any alteration of the properties of the recycled material. Recycling steel, for example, requires 56% less energy than producing it from iron ore and reduces CO2 emissions by up to 58%. Similarly, recycling aluminium results in up to 95% energy savings and recycling copper provides energy savings of up to 75%. However, the industry is outdated and inefficient, with low recycling rates and an offline, opaque, and largely impenetrable marketplace which does nothing to encourage sustainability on an international scale. Schrott24 is revolutionizing the industry through a managed B2B marketplace for scrap metal, making it transparent and efficient. The platform delivers the best possible experience for all parties in the value chain and truly encourages EU-wide participation in the vital economy of scrap metal trading. Our platform is scalable, with its only true limit being internet access. It uses proprietary algorithms and data analytics to maximise returns for the buyer and seller by monitoring and predicting pricing in scrap metal, preventing unfavourable last-minute changes. It also adds much needed transparency to the system, further reducing price volatility and giving a better picture of what materials are available to buyers.The innovation project will enable the platform to deliver the full Schrott24 value proposition by introducing end-to-end usage and predictive analytics capability to the already functioning first-generation system. The project will enable Schrott24 to scale beyond regional transactions to facilitating large buyers and internationalisation to support cross-border trades for the benefit of the European economy and environment.
During the first reporting period of the project we have introduced new functionality to the platform, developed and launched new mobile and mobile web applications, performed infrastructure improvements, and initiated validation activities. A number of communication activities have also been performed including participation in conferences and pitching events, adding video demonstrations of new features to our website and social media, and press releases through various channels.
The Schrott24 Platform is an intelligent online marketplace that can predict and stabilise the pricing models for scrap metal and recycled metals. It dynamically matches buyers and sellers to optimise outcomes for both parties, and most importantly, it operates without borders, bringing the European scrap trading market into alignment with the European digital single market. Advanced algorithms and analytics will enhance the platform and marketplace as it grows, and functions will expand to allow scrap buyers and sellers to set up their own sub-stores on the platform. This will allow them to retain, improve, and expand the inter-business network and connections. Schrott24 brings price transparency, trust and convenience to the scrap dealing marketplace for the first time. The platform aggregates the demand of scrap recyclers and helps them to make full use of their capacity. This enables us to get better prices from scrap recyclers than any individual could. To use the service, the customers simply selects their scrap metal type; choose their transport option and receive payment. Our service includes comprehensive shipping options which include our parcel service, collection system and self-delivery. The impacts of the platform will include overcoming disparities between supply and demand in scrap metal, encouraging and facilitating widespread metal recycling, reducing environmental impact from mining and other extractive processes, and creating a new digital market in the EU.