The four VREF foundations are:

• the Volvo Research Foundation,
• the Volvo Educational Foundation,
• the Dr. Pehr G. Gyllenhammar Foundation,
• the Håkan Frisinger Foundation for Transport Research.

VREF is tax-exempt in accordance with the Swedish law, which means that the foundations aim to serve the public good. VREF's processes for funding research and educational activities are transparent and allocated grants cannot be used for the benefit of private companies.

VREF invests in programs and projects with the mission:

• To support the development of new knowledge on ideas and solutions that can contribute to equitable access and sustainable urban transport;
• To support the development of educational and outreach programs in the area of equitable access and sustainable urban transport;
• To contribute to the dissemination and implementation of research findings among both university researchers, practitioners, decision makers and other relevant stakeholders;
• To support demonstrative examples and change processes.

VREF Grants

VREFapplies open and transparent processes for allocating grants. The normal procedure is a Call for Proposals, which is worldwide open to universities and other research organisations of similar academic standard as universities. Proposals are reviewed by the VREF Scientific Council. In most cases external reviewers are also required in order to complete an assessment prior to a decision from the Board.