REG - Ondo InsurTech PLC - New Agreement with South West Water

Ondo InsurTechAnnouncement

26/02/2024 07:00

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RNS Number : 3493E  Ondo InsurTech PLC  26 February 2024

26 February 2024

 

Ondo InsurTech Plc ("Ondo" or "the Company")

 

South West Water adopt LeakBot technology to reduce leaks

 

Ondo Insurtech (LSE: ONDO), a leading company in water leak prevention
technology, is pleased to announce that it has today entered an agreement with
South West Water to reduce water leaks in the South West of England.

 

South West Water, part of Pennon Group PLC, provides water and wastewater
services to 1.8 million customers across Cornwall, Devon, the Isles of Scilly
and parts of Dorset and Somerset.  South West Water will deploy Ondo's
LeakBot product and service to an initial 6,000 customers by the end of March
2024.  This strategy of a rapid rollout of the LeakBot service in a high
water usage area is with the intention of reducing water wastage by alerting
customers and resolving as many leaks as possible, as quickly as possible.
South West Water customers will be offered a LeakBot and a free repair, with
as many repairs as possible being completed within the first few months. The
water company will monitor the impact of LeakBot over the following 3-6 months
with the intention of increasing roll out beyond the initial target area.

 

The South West Water deployment follows the successful results seen by
Portsmouth Water in a trial in 2023, where LeakBot achieved a 60% reduction in
water leaks within the home. The results were announced at the Spring
Innovation Showcase in June 2023, which was attended by over 100 professionals
in the water industry.

 

David Harris, South West Water's Drought and Resilience Director, says:
"LeakBot has become a recognised name in leak detection and prevention in the
water industry and we've been impressed by the results and feedback seen so
far. We're always looking for innovative ways to engage with our customers and
reduce water wastage. We're excited to see the impact LeakBot will have on
high usage areas and beyond."

 

Craig Foster, Ondo CEO, says: "The immediate roll out of LeakBots within the
South West is further evidence of the traction we're seeing from water
companies who are keen to see the impact we can have on reducing leaks and
water wastage within a customer's home. A roll out with South West Water will
allow us to help prevent unnecessary wastage through domestic leaks. We look
forward to working on the deployment of the initial 6,000 LeakBots and any
future activity."

 

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)

 

South West Water

 

Part of the Pennon Group PLC, South West Water look after the water and
wastewater services for 1.8 million customers across Cornwall, Devon, the
Isles of Scilly and parts of Dorset and Somerset.

 

From treatment and maintenance to innovation and improvements, South West
Water are busy every day finding and fixing leaks, unblocking sewers and going
bigger and further in their environmental work to be a company you can be
proud of.

 

For more information, visit southwestwater.co.uk
(http://www.southwestwater.co.uk/)

 

 

About Ondo InsurTech PLC

 

Ondo InsurTech Plc 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 70%.

 

LeakBot partners with 16 insurance carriers - including Nationwide, Admiral,
Direct Line Group, Hiscox, Länsförsäkringar and TopDanmark - both in Europe
and the USA.

 

In March 2022 LeakBot became the first InsurTech to IPO in London, as Ondo
InsurTech Plc

(LSE:ONDO) and 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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