RCS - Ondo InsurTech PLC - Factory Capacity Increased

Ondo InsurTechAnnouncement

28/10/2024 07:00

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RNS Number : 7732J  Ondo InsurTech PLC  28 October 2024

 

28 October 2024

 

Ondo InsurTech Plc

("Ondo" or "the Company")

 

Factory Capacity Increased in Anticipation of U.S. Demand

 

 

Ondo InsurTech plc (LSE: ONDO), a leading company in claims prevention
technology for home insurers is pleased to announce that it has increased
production capacity at its UK contract manufacturing facility in light of
significant increasing demand for LeakBot, across the Company's key markets
but in particular in the United States.

 

As previously announced, the Company is in discussions with a number of large
US insurance companies regarding new contract opportunities and significant
expansions of existing partnerships.  These negotiations are now at an
advanced stage and the Company anticipates that further details will be
announced shortly.

 

Ondo has agreed to make further capital investment in a second dedicated
production line at its manufacturing partner,  Asteelflash in Bedford,
England.  This investment will increase the current production capacity at
the facility from 10,000 to 40,000 units per month.  The Board believes that
this will provide sufficient headroom to accommodate the planned increase in
demand from the United States.

 

 

Craig Foster, Ondo CEO said "It is great news that the UK facility will now be
able to meet a significant increase in demand. Coming announcements about our
partner-led U.S. expansion will clearly demonstrate why now is the right time
add the second production line at Asteelflash".

 

 

Enquiries

 

For further information, please visit (http://www.ondoplc.com) www.ondoplc.com
(http://www.ondoplc.com)   or contact the following:

 

 Ondo InsurTech Plc                 Craig Foster, CEO       +44 (0) 800 783 9866

                                    Kevin Withington, CFO
 Dowgate Capital Ltd                Russell Cook            +44 (0) 20 3903 7715

 (Broker & Financial Advisor)       Nick Chambers

                                    Charlie Hall
 Cassiopeia Services Ltd            Stefania Barbaglio      +44 (0) 7949 690338

 (PR & Investor Relations)

 

About Ondo InsurTech PLC

 

Ondo is a world leading provider of claims prevention technology for home
insurers.  Ondo's focus is on the global scale-up of LeakBot - claims
prevention technology that prevents water damage claims in houses. Water
damage is the single biggest cause of home insurance claims, accounting for
$17bn of claims every year in the USA and UK combined. LeakBot is a patented
self-install solution that connects to the home wireless network and, if it
detects a leak, notifies the customer via the LeakBot mobile app and provides
access to a team of expert LeakBot engineers to 'find and fix' the problem.
Independent research by Consumer Intelligence found LeakBot can reduce the
cost of water damage claims by up to 70%.

 

LeakBot partners with 19 insurance carriers - including Nationwide, Admiral,
Direct Line Group, Hiscox, Länsförsäkringar and TopDanmark - both in Europe
and the USA.

 

Ondo holds the coveted London Stock Exchange Green Economy Mark awarded to
companies who derive the majority of their income from Green activities.

 

For more information, visit www.ondoplc.com (http://www.ondoplc.com/)

 

 

 

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