SaverOne 2014 Ltd. reports developments in RF-based transportation safety technology for OEM and aftermarket vehicle applications. The company designs, develops, and commercializes systems that detect, locate, and analyze cellular phone RF signals, including its Driver Distraction Prevention System and sensor technology for detecting vulnerable road users through cellphone footprints.
Recurring news themes include patent grants covering mobile communication detection and classification, collaborations involving driver monitoring and in-cabin safety, fleet installation activity, material agreements, shareholder voting matters, ADS capital-structure actions, governance updates, and operating or financial results.
SaverOne announced that on November 12, 2024, it received notice from Nasdaq confirming compliance with the minimum bid price requirement for continued listing. The company had previously received a non-compliance notice on May 17, 2024, as its ADSs failed to maintain a $1.00 minimum closing bid price for 30 consecutive business days. To regain compliance, SaverOne implemented a change in ADS ratio from 1:5 to 1:90 ordinary shares on October 28, 2024. Following this adjustment, the company maintained the required minimum closing bid price for 10 consecutive business days between October 28 and November 11, 2024, successfully resolving the listing compliance issue.
SaverOne 2014 (Nasdaq: SVRE, TASE: SVRE) has signed a new distribution agreement with Sistemas ADAS to expand its reach in Spain and Portugal. This move is part of SaverOne's global expansion strategy, following recent entries into Italy, Mexico, and several US states.
Sistemas ADAS, a leading distributor of transportation safety solutions, has a strong presence in the bus and truck sectors, having deployed systems in thousands of vehicles across the Iberian Peninsula. The partnership aims to introduce SaverOne's advanced transportation safety solutions to fleets in these markets.
SaverOne's CEO, Ori Gilboa, highlighted the significant market potential in Spain and Portugal, particularly in the public transportation sector. Elías Izquierdo, CEO of Sistemas ADAS, expressed enthusiasm about the partnership's potential to improve road safety across fleets, bus operators, and OEMs in the region.
SaverOne 2014 (Nasdaq: SVRE, TASE: SVRE) has signed a distribution agreement with Motor Supply Inc. in the United States. The agreement grants Motor Supply exclusive rights in 10 U.S. states to sell, install, and support SaverOne's transportation safety solutions. This partnership follows a successful pilot program in February 2024.
Key points:
- The agreement guarantees at least 37,600 orders over the next five years
- As of August-end, SaverOne had a total of 3,750 installations globally
- Motor Supply specializes in leveraging cutting-edge technologies for efficient goods transportation
- Both companies emphasize the importance of road safety and driver protection
This partnership is expected to strengthen SaverOne's presence in the United States and contribute to its global growth.
SaverOne 2014 (Nasdaq: SVRE, TASE: SVRE) has launched a new pilot project with Malta Public Transport Company (MPTC), the national bus operator of Malta. MPTC will be testing the SaverOne system over the coming months as part of its evaluation of new safety solutions. The installation was done in collaboration with SaverOne's regional distributor, GVZ Components.
MPTC operates approximately 450 buses across Malta. If the evaluation is successful, MPTC may equip its entire fleet with the SaverOne System during 2025. This pilot project represents a significant opportunity for SaverOne to expand into Malta and further penetrate European markets.
SaverOne 2014 (Nasdaq: SVRE, TASE: SVRE) has launched four new pilot projects with customers of Volvo Buses Mexico, following their OEM agreement signed in March 2024. The pilots involve retrofitting 20 buses with SaverOne's technology, designed to prevent driver distraction from mobile phones. The projects are located in Mexico City (intercity buses) and Monterrey (city buses).
This initiative stems from SaverOne's agreement with Volvo Group, allowing pre-installation and aftermarket retrofit of their safety solution. Volvo Buses, a subsidiary of Volvo Group, is one of the world's largest bus manufacturers. SaverOne's CEO, Ori Gilboa, highlighted the significance of this collaboration and its potential to expand to other Volvo subsidiaries globally.
SaverOne 2014 (Nasdaq: SVRE, TASE: SVRE) announced that Froneri, a leading global ice cream manufacturer, has extended its agreement to equip SaverOne systems across its entire fleet of employee vehicles and distribution trucks in Israel. Froneri, jointly owned by Nestle Worldwide and R&R Ice Cream, was among the first companies to install the SaverOne System in 2021 to counteract driver distraction. This expansion demonstrates the effectiveness and reliability of SaverOne's technology in enhancing employee safety and preventing accidents caused by driver distraction over the past three years. SaverOne's CEO, Ori Gilboa, expressed delight at the expanded partnership and hopes to broaden sales to Froneri's subsidiaries worldwide.
SaverOne 2014 (Nasdaq: SVRE, TASE: SVRE), a transportation safety solutions company, has announced a strategic asset purchase agreement for Micronet 's Generation-3 camera products and intellectual property (IP). The acquisition includes IP and inventory related to Micronet's Generation 3 camera at no upfront cost, with future royalty payments contingent on sales. This move aligns with SaverOne's strategy to expand its product portfolio and enhance offerings.
CEO Ori Gilboa stated that the acquisition supports their intention to create a unique combined product with both camera and cellular distraction prevention solutions. The company sees this as a significant opportunity for future revenue growth and potential for new customer acquisition, particularly in the United States.
SaverOne 2014 (Nasdaq: SVRE, TASE: SVRE) reported its results for the first half of 2024 and shared recent business updates. The company, which develops transportation safety and ADAS technologies, highlighted a significant reduction in operating expenses of NIS 2.3 million ($612,000), reducing operating loss and cash burn. Key developments include OEM agreements with Volvo Group and IVECO, and plans for a spinoff company focused on the VRU sensor solution with an estimated annual market potential of $1.5 billion by 2035.
Financial highlights show revenues of NIS 483,000 ($129,000) in H1 2024, down from NIS 1.5 million in H1 2023. The company reduced its net loss to NIS 16.3 million ($4.4 million) in H1 2024 from NIS 17.8 million in H1 2023. SaverOne's CEO, Ori Gilboa, noted challenges in the Israeli market but expressed optimism about international expansion and future growth prospects.
SaverOne 2014 (Nasdaq: SVRE, TASE: SVRE) has announced the expansion of its SaverOne system installation across Egged Tours' entire bus fleet at its central hub. Following a successful pilot project, the company will install the system on an additional 60 buses, bringing the total to 130 vehicles. The SaverOne system aims to prevent cell phone distractions for bus drivers, enhancing safety for passengers and other road users.
Egged Tours, a subsidiary of Israel's largest public bus fleet operator, Egged Transportation, represents a significant potential market for SaverOne. The company's Vice President of Operations and Traffic, Saadi Mohand Hamoudi, emphasized that passenger and driver safety is their top priority, highlighting the system's role in reducing distraction-related accidents.
SaverOne 2014 (Nasdaq: SVRE, TASE: SVRE), a transportation safety solutions company, has announced a new order for its SaverOne Systems from the Israeli subsidiary of a leading global food manufacturer. Following a successful pilot, the customer ordered the installation of SaverOne Systems on 46 trucks in their supply chain fleet. This order comes after the customer recently contracted SaverOne to install systems across their full fleet of employee vehicles in Israel.
CEO Ori Gilboa highlighted the order's significance in validating SaverOne's growth strategy and its potential for international expansion. The SaverOne System aims to protect the customer's supply chain from disruptions caused by driver distraction-related accidents. The company sees this as an opportunity to further penetrate the customer's global organization and expand to additional subsidiaries worldwide.