(Alliance News) - Ondo InsurTech PLC on Monday said it has signed an agreement with South West Water to reduce water leaks in the south west of England.
Shares in the London-based claims prevention technology firm were up 5.2% to 26.83 pence each in London on Monday morning.
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.
LeakBot is a self-install claims prevention technology which connects to the wireless network of a home, alerting customers if it detects a leak.
"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," Ondo explained.
It added that 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 three to six months with the intention of increasing roll out beyond the initial target area.
Chief Executive Craig Foster said: "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."
By Sophie Rose, Alliance News senior reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2024 Alliance News Ltd. All Rights Reserved.
Ondo Insurtech (ONDO)
Pennon (PNN)