SaverOne 2014, Volvo sign OEM agreement

SaverOne 2014 (SVRE) has entered into an original equipment manufacturer agreement with Volvo Bus Corporation, a subsidiary of Volvo Group (VLVLY). The agreement covers Volvo buses in the Mexican coach-bus market, a market in which Volvo has leadership with approximately 50% market share of new coach-bus vehicle sales. Under the OEM agreement, SaverOne’s Safety Solution, known as the ‘Driver Distraction Prevention System’, which is aimed at reducing cellphone-related distractions and accidents, will be installed in new Volvo buses that are manufactured for the Mexican market. Volvo Bus customers in Mexico will be offered the SaverOne Safety Solution pre-installed, following integration into Volvo’s assembly line. In addition, the agreement also allows for a retrofit of existing buses covered under Volvo’s maintenance agreement, which will install SaverOne’s Safety Solution as an aftermarket installation. The agreement further provides Volvo with two years of exclusivity in the OEM market in Mexico. In addition to SaverOne selling its Safety Solution to Volvo for installation into its vehicles, SaverOne will also provide twelve months of service and support for Volvo bus customers. After that period, Volvo bus customers will continue to receive SaverOne’s comprehensive service package for an on-going monthly fee.