28
October 2024
Ondo InsurTech
Plc
("Ondo" or
"the Company")
Factory Capacity Increased in
Anticipation of U.S. Demand
Ondo InsurTech plc (LSE: ONDO), a
leading company in claims prevention technology for home insurers
is pleased to announce that it has increased production capacity at
its UK contract manufacturing facility in light of significant
increasing demand for LeakBot, across the Company's key markets but
in particular in the United States.
As previously announced, the Company
is in discussions with a number of large US insurance companies
regarding new contract opportunities and significant expansions of
existing partnerships. These negotiations are now at an
advanced stage and the Company anticipates that further details
will be announced shortly.
Ondo has agreed to make further
capital investment in a second dedicated production line at its
manufacturing partner, Asteelflash in Bedford, England.
This investment will increase the current production capacity
at the facility from 10,000 to 40,000 units per month. The
Board believes that this will provide sufficient headroom to
accommodate the planned increase in demand from the United
States.
Craig Foster, Ondo CEO said "It is
great news that the UK facility will now be able to meet a
significant increase in demand. Coming announcements about our
partner-led U.S. expansion will clearly demonstrate why now is the
right time add the second production line at
Asteelflash".
Enquiries
For further information, please
visit www.ondoplc.com
or contact the following:
|
Ondo InsurTech Plc
|
Craig Foster, CEO
Kevin Withington, CFO
|
+44 (0) 800 783 9866
|
|
Dowgate Capital Ltd
(Broker & Financial
Advisor)
|
Russell Cook
Nick Chambers
Charlie Hall
|
+44 (0) 20 3903 7715
|
|
Cassiopeia Services Ltd
(PR & Investor
Relations)
|
Stefania Barbaglio
|
+44 (0) 7949 690338
|
About Ondo InsurTech PLC
Ondo 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 up to 70%.
LeakBot partners with 19 insurance
carriers - including Nationwide, Admiral, Direct Line Group,
Hiscox, Länsförsäkringar and TopDanmark - both in Europe and the
USA.
Ondo 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