After the business conducted an investor event, shares of SaverOne 2014 Ltd (NASD: SVRE) were up 8.00% at the last check in after-hours trading.
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What event did SVRE host?
SaverOne (SVRE) had a webinar and video conference call yesterday using Zoom, beginning at 9:00 a.m. ET (16:00 Israel time). Prior to the webinar, investors emailed management with queries, which SVRE responded to. It also responded to the investor relations team’s email.
MOU signed by SVRE
SaverOne (SVRE) said that it has signed a memorandum of understanding (MOU) with renowned truck manufacturer Iveco in accordance with its long-term expansion plan. In order to reduce smartphone use-related driver distraction, SaverOne inked the MOU for the integration of their technology into Iveco vehicles. Before year’s end, the parties want to formally sign the deal.
- Iveco is an international automaker with its headquarters in Italy that specializes in producing light, medium, and heavy commercial vehicles. Each year, it sells over 150,000 automobiles throughout the world through its 5,000 sales and service locations spread across more than 160 nations.
- In accordance with the MOU, Iveco and SVRE will work together into 2023 to incorporate SaverOne’s protective solution throughout the production of Iveco vehicles. Iveco expects to start selling its new trucks to its international clientele in 2024 with SVRE’s driver distraction prevention technology included.
- Customers of Iveco will enjoy safer driving thanks to the SVRE solution, which eliminates cellphone use as a distraction for drivers. This is SaverOne’s first international partnership with a top global OEM, whose sizable customer base serves as a crucial market and offers our technology substantial room for expansion.
- The agreement also demonstrates SVRE’s worth and the allure of its product to automakers. It strengthens SaverOne’s strategy and enables the business to expand its reach and collaborate with other automakers.
- This week, SaverOne also finished a proof-of-concept (POC) demonstration with a prominent European bus and truck manufacturer with sizable global sales.
How would that POC contribute to the success of SVRE?
The proof-of-concept showed how SVRE’s second-generation technology, which was unveiled last week, may be used to detect vulnerable road users and pedestrians. The SaverOne (SVRE) VRU technology has greater capabilities to deal with NLoS (non-line of sight) threats, bad weather, and low visibility, which dramatically improves the performance of current ADAS sensors.
