- Buddy Technologies (BUD) has signed a new statement of work under its Master Services Agreement with Airstream
- Airstream is a manufacturer of recreational vehicles and is a subsidiary of Thor Industries
- This marks the 6th statement of work between the parties and will see Buddy continue deploying its Buddy Ohm Cloud technology into Airstream vehicles
- Buddy Ohm is an internet of things hardware solution that helps reduce the usage of various resources such as electricity, gas and water
- In total, A$764,000 will be payable in monthly instalments until October this year
- Buddy’s shares remain in the grey and are trading for one cent each
Buddy Technologies (BUD) has signed a new statement of work under its 2016 Master Services Agreement with Airstream, a subsidiary of Thor Industries.
This marks the 6th statement of work between the parties and will provide for the ongoing engineering of the Buddy Ohm Cloud technology into Airstream vehicles
Buddy Ohm is a resource monitoring solution for commercial, industrial and multi-family residential buildings. The system is made up of Internet-of-Things (IoT) class hardware, the Buddy Cloud, as well as engaging software experiences.
Essentially the solution can be very effective in reducing resource spending as its sensors track electricity, gas, water, temperature and solar power generation.
“With Airstream’s award-winning Smart Control Technology powered by Buddy Ohm Cloud hitting stride in 2019, this new SoW allows our respective teams to continue to push the envelope for connected recreational vehicles,” Head of Buddy Technologies’ Commercial Division Travis Gerber said.
Buddy is particularly pleased with the agreement as it comes during the uncertainty around the COVID-19 pandemic.
“In doing so they are further extending their trust in us to continue delivering a product that meets the high standard of experience and performance for which Airstream products are so well known,” Travis added.
Under this extended deal, Airstream will pay a total US$483,000 (approx. A$764,000) in monthly instalments through to October 2020. This is in addition to a monthly fee payable per Airstream vehicle activated.
The term of this agreement is until October 2020 and will automatically extend on a month-to-month basis unless otherwise terminated.
Buddy’s shares remain in the grey and are trading for one cent each at 12:25 pm AEST.