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SaverOne Inks Major OEM Deal With IVECO – Distracted Driving Software To Be Installed In All Its Light, Medium And Heavy Commercial Vehicles

--News Direct--

By Meg Flippin, Benzinga

SaverOne (NASDAQ: SVRE), which makes safety systems to prevent people from using distracting apps while driving, just inked an original equipment manufacturing agreement with IVECO, the brand of Iveco Group N.V., which makes light, medium and heavy commercial vehicles. Under the OEM deal, IVECO will use SaverOne’s safety technology in its 2024 truck production line.

Initially, for 2024, SaverOne’s software will be integrated into IVECO’s hardware. The company said the collaboration may in the future include the integration of SaverOne’s mobile app with IVECO's mobile app, and SaverOne’s hardware and software within IVECO’s assembly line. The first IVECO vehicles with the integrated SaverOne software solution are expected to be delivered this year.

“We are delighted to enter into this partnership with SaverOne, a collaboration that underscores Iveco Group’s dedication to leading the way in transportation safety and innovation,” Fabrizio Conicella, Head of Digital and Advanced Technology at Iveco Group said of the deal. “Integrating the SaverOne technology into our trucks advances our efforts to provide our customers with not only the most reliable and efficient vehicles on the market, but also the safest.”

Making The Roads Safer

SaverOne’s technology automatically locates the mobile device in the driver’s area and prevents the driver from using messaging and other distracting apps. If the phone disconnects, an alarm will sound. SaverOne’s technology is already installed in over 4,500 cars, trucks and buses and is integrated into the fleets of more than 100 companies worldwide. It's a big addressable market for SaverOne given that distracted driving costs companies $60 billion annually.

Furthermore, it's a problem that's expected to get worse as the use of cell phones proliferates around the globe. Between 2024 and 2028 smartphone users are forecast to grow 10.7% to 496.7 million. By 2028, 5.1 billion people will have a smartphone. Studies show users aren’t shy when it comes to using their phones on the roadways either – 77% of respondents said in a recent survey by the National Distracted Driving Coalition that they use their phones while driving.

SaverOne’s Recent String Of Wins

The IVECO agreement is the latest in a string of deals SaverOne has inked as it aims to make the roads safer. Take its OEM agreement with Volvo Bus Corp., the unit of Volvo Group (OTCMKTS: VLVLY), for starters. Earlier this month it was announced that Volvo Bus will install SaverOne’s Driver Distraction Prevention System (DDPS) in new Volvo buses manufactured for the Mexican market. SaverOne also expanded its agreement with GB Tours to install the SaverOne system on the full fleet of GB Tours’ public transportation and tour buses. GB Tours is a leading Israel-based public transportation company that operates public transportation lines as well as tour buses with a fleet of about one hundred buses.

Then there’s SaverOne’s pilot with Systems Logistics, an Italian designer, manufacturer and provider of automated warehousing with customers in Europe, America and Asia. The company has a fleet of over 100 vehicles. The pilot is taking place on a number of its vehicles. Tecne, the engineering company of Gruppo Autostrade per l’Italia – a leading concessionary in Europe for the construction and management of toll motorways – is also a customer. Tecne recently entered into a pilot program with SaverOne that involves the integration of SaverOne’s DDPS into an initial 10 vehicles. The fleet is comprised of about 3,000 vehicles, underscoring the potential opportunity for SaverOne.

All of these agreements and others SaverOne has inked underscore the growing interest from companies looking to reduce distracted driving accidents, and SaverOne’s commitment to growing around the world.

"We are thrilled to sign this milestone OEM agreement with IVECO, a leading European vehicle manufacturer,” said Ori Gilboa, CEO of SaverOne. “We believe that this agreement represents a very significant strategic move that strongly expands our footprint in European markets. It works to integrate our advanced driver safety solution into IVECO's manufacturing line, which allows us to directly tap into the IVECO global customer base. We look forward to a fruitful collaboration with IVECO and are excited about the positive impact our joint efforts will have on making roads safer for everyone."

Featured photo by Sander Yigin on Unsplash.

Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.

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