Ondo InsurTech receives LSE Green Economy Mark

RNS Number : 8306U

Ondo InsurTech PLC

04 August 2022

 

4 August 2022

Ondo InsurTech Plc

(" Ondo " or "the Company")

Ondo InsurTech receives London Stock Exchange's Green Economy Mark

Ondo InsurTech Plc (LON: ONDO), the insurtech company which aims to be the leading provider of claims prevention technology for home insurers, is pleased to announce that it has received the London Stock Exchange's Green Economy Mark ("The Mark"). The Mark identifies companies that derive a significant amount of their sales from green economy products and services.

Highlights

· Ondo InsurTech has been recognised by London Stock Exchange as contributing to the global green economy through the benefits Ondo's LeakBot product delivers in saving precious water resources.

· The Mark is given to companies and funds that derive more than 50% of revenues from environmental solutions.

Ondo derives 100% of revenues from the deployment of the LeakBot water leak detection system.  Since its inception, LeakBot has now detected and resolved 35,000 water leaks. The average leak fixed by LeakBot engineers is wasting 30 litres of water per day, so already the LeakBot system has resolved enough leaks to save an estimated 1,000,000 litres of water per day.

The Green Economy Mark, first introduced in 2019, was created to highlight companies and

investment funds listed on all segments of London Stock Exchange's Main Market and AIM that are

driving the global green economy. Its underlying methodology incorporates the Green Revenues

data model developed by FTSE Russell.

Chief Executive Officer, Craig Foster, stated: "We are proud to have received London Stock

Exchange's Green Economy Mark for the benefits LeakBot delivers in saving precious water resources. The designation enables Ondo InsurTech Plc to better communicate its green credentials to investors and other stakeholders. With our patented and proprietary technology, we have already resolved leaks wasting an estimated 1,000,000 litres of water every day in domestic properties.  We look forward to the future as we execute our scalable and repeatable business model across North America and Europe."

Julia Hoggett, CEO of the London Stock Exchange, added: "Congratulations to Ondo InsurTech Plc on receiving the Green Economy Mark, which recognises companies that derive more than 50% of their revenues from green products and services. Companies that qualify for the Mark play an important role in the global green economy and the shift towards low-carbon business models: they are key to accelerating the transition to a more sustainable economy."

Enquiries

For further information, please visit www.ondoplc.com   or contact the following: 

Ondo InsurTech Plc Craig Foster, Chief Executive Office	[phone]
Broker SI Capital Ltd Nick Emerson Jon Levinson	[phone] [phone]
Public & Investor Relations Cassiopeia Services Ltd Stefania Barbaglio	[phone]

About Ondo InsurTech Plc

Ondo InsurTech Plc is on a mission to become the world's leading provider of claims prevention technology for home insurers. Ondo's focus is on the global scale-up of LeakBot - an end-to-end internet of things solution which protects homes from the impact of water damage.  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.  Recent independent research by Consumer Intelligence found LeakBot can reduce the cost of water damage claims by 70%.

LeakBot partners with 11 insurance carriers - including Admiral, Direct Line Group, Hiscox, Mapfre and TopDanmark - across 5 different countries, in Europe and the USA. 

In March 2022 LeakBot became the first InsurTech to IPO in London, as Ondo InsurTech Plc (LSE:ONDO).

 

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