SPAQ Spinnaker Acquisitions Plc

TIDMONDO

Ondo InsurTech PLC

22 May 2023

22 May 2023

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

Portsmouth Water to share LeakBot Pilot results at Water Industry event on Jun 6(th) , 2023

Ondo InsurTech Plc ("Ondo"), the London-listed leader in claims prevention technology for home insurers, is pleased to announce that on Jun 6(th) Portsmouth Water and Ondo will jointly reveal the results of the LeakBot pilot program at the Water Industry Spring Innovation Knowledge Showcase event.

-- The England and Wales Water Sector regulator OFWAT as part of their PR-24 regulatory regime want water companies to drive down household water consumption by 35 litres/day(1)

-- OFWAT will also introduce a fund of up to GBP100m to help stimulate transformative, sustained and measurable reductions in water demand nationally using a range of water efficiency approaches(1)

-- Portsmouth Water have collaborated with Ondo to discover whether LeakBot can be used by a water company to reduce water demand through the prevention of plumbing-side leakage in homes

-- The results of this pilot will be shared with the Water Industry on June 6(th) , 2023, at 10am-12pm via the Spring innovation Form Knowledge Showcase event

   --    More details about the event and to register click here 

(1) "Creating Tomorrow Together - Our Final Methodology for PR24" - OFWAT December 2022 Publication - Page 6 [ link ]

Craig Foster, Ondo CEO , says: "The findings from the Portsmouth Water pilot are significant for the Water industry and especially with regards to OFWAT's desire to reduce household water demand. Sharing these results is the first step, we hope, in LeakBot being able to make a significant contribution in delivering this important environmental benefit across England and Wales."

Enquiries

   For further information, please visit www.ondoplc.com   or contact the following: 
 
 Ondo InsurTech Plc            Craig Foster, CEO     +44 (0) 800 783 9866 
 SI Capital Ltd                Nick Emerson          +44 (0) 1483 413500 
  (Company Broker)              Jon Levinson          +44 (0) 20 3143 0600 
 Cassiopeia Services 
  Ltd 
  (PR & Investor Relations)    Stefania Barbaglio    +44 (0) 7949 690338 
 

About Portsmouth Water

Portsmouth Water have been supplying water to Portsmouth and the surrounding area since 1857.

The area supplied by the Company extends through Southeast Hampshire and West Sussex from the River Meon in the West to the river Arun in the East, encompassing 868 sq. kilometres.

Portsmouth Water provide high quality public water supplies to a domestic population exceeding 698,000, as well as many important industries, large defence establishments and varied commercial businesses.

For more information, visit https://www.portsmouthwater.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. 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).

For more information, visit www.ondoplc.com

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May 22, 2023 02:00 ET (06:00 GMT)

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