Portsmouth Water Sign Deal

RNS Number : 4915W

Ondo InsurTech PLC

18 August 2022

 

18^th August 2022

Ondo InsurTech Plc

(" Ondo " or "the Company")

Portsmouth Water Sign Deal to Supply LeakBot to Homeowners to Save Water

Ondo InsurTech Plc (LON: ONDO) - the insurtech company which aims to be the leading provider of claims prevention technology for home insurers - announces that Portsmouth Water have signed a new deal to pilot using LeakBot to drive water efficiency in their customers' homes

HIGHLIGHTS

· Portsmouth Water will purchase 1,000 LeakBot devices and distribute them to their customers, measuring the impact on water usage

· LeakBot has the potential to make a significant contribution to reducing water leakage in the UK, and Ondo InsurTech Plc were recently granted the London Stock Exchange's Green Economy mark to recognise this.

· In a highly innovative initiative for a water company, Portsmouth Water will use the LeakBot system to detect and fix leaks, and use the platform data to demonstrate to OFWAT the measurable impact the system has on consumer side leakage

The announcement comes at a time of extreme and prolonged stress on the UK's water resources. With droughts declared across many parts of the country, water companies are under increasing pressure to reduce leakage. While Portsmouth Water has not needed to introduce restrictions on water usage at this time, it is continuing to urge its customers to use water wisely.

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. A team of expert LeakBot engineers will arrange to visit the property 'find and fix' the problem.

On average, when LeakBot engineers attend properties, the leaks are wasting 30 litres of water per day.  Since its launch LeakBot has already detected and resolved 35,000 leaks - the equivalent to saving an estimated 1,000,000 litres of water a day.

LeakBot previously published research showing the system finds 43% of homes have a leak at an average flow rate of 30 litres/day. If all 20 million houses in the UK had a LeakBot, the system could prevent an estimated 250 million litres of water being lost to leaks each day. This is equivalent to 11% of the UK's total water leakage and enough water to fill 100 Olympic swimming pools every day.

Craig Foster - CEO Ondo InsurTech Plc, said "This is a very exciting announcement for Ondo following the recent award of the Green Economy Mark by the London Stock Exchange. LeakBot has been proven to make a significant contribution to finding and fixing water leaks in domestic houses in the work we have already been doing with home insurance companies.  The Portsmouth Water pilot takes this to the next level, with a water company now supporting the rollout of the technology to metred customers - saving water, and reducing both water bills and home insurance costs"

Bob Taylor - CEO of Portsmouth Water said "We are very proud to be the first water company to introduce LeakBot to home owners. This innovative new scheme has the potential to dramatically reduce leakage in customers' homes and save a significant amount of water at a time of extreme stress on the country's water resources. Portsmouth Water already works with domestic homeowners to identify and repair leaks in supply pipes on private property and we see this scheme as a way of taking this service an exciting step further. We look forward to seeing the results of this pilotwith a view to expanding the offer across all eligible households."

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 and holds the LSE's official Green Economy Mark as a business contributing to the Global Green Economy (LSE:ONDO).

 

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