New Agreement with South West Water

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 www.ondoplc.com  or contact the following:

Ondo InsurTech Plc	Craig Foster, CEO Kevin Withington, CFO	[phone]
Dowgate Capital Ltd (Broker & Financial Advisor)	Russell Cook Nick Chambers Charlie Hall	[phone]
Cassiopeia Services Ltd (PR & Investor Relations)	Stefania Barbaglio	[phone]

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

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

 

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