Eddy Solutions Partners with Canadian Insurance Leader for IoT Leak Protection

TORONTO, April 4, 2022 /CNW/ - One of Canada's leading insurance carriers has teamed up with Eddy Smart Home Solutions Ltd ("Eddy Solutions") (TSXV: EDY) to bring Eddy's award-winning technology across several provinces. This opportunity represents more than $1,000,000 of revenue with a margin profile of approximately 40 percent.  The partnership was first to install Eddy's system in approximately 100 homes and is now being rolled out imminently to over 1,000 homes as part of a master service agreement. 

The partnership provides Eddy's leak mitigation technology, which includes equipment, software, 24/7 monitoring, myEddy App, and data. The system identifies and tracks water issues in real-time, paired with a remote and automatic shutoff that stops water at the source. Eddy's proactive approach to early detection of leaks and issues helps prevent insurance claims and the resulting substantial payouts, making it an attractive technology for insurance carriers and brokers.

"Over and over again, water continues to disrupt families, displace people, and destroy property, causing billions to the North American insurance industry due to claims," said Travis Allan, CEO and President of Eddy Solutions. "This opportunity involves Eddy and the carrier directly, rather than the homeowner, whereby the insurance provider is purchasing Eddy's system and our recurring subscription service to further add value to their clients and mitigate their exposure to water-related risk. The progression of our partnership is not only a significant milestone that further validates the value that Eddy delivers but substantiates the use case for further adoption into their significant book of business in both residential and commercial asset classes."

About Eddy 
Eddy Solutions is a North American provider and developer of residential and commercial smart water metering products and monitoring services, helping property owners protect, control, and conserve water usage by combining water sensing devices with behavioural learning software. For more details on Eddy's products or company information, please visit eddysolutions.com.

FORWARD-LOOKING STATEMENTS

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All forward-looking statements in this news release are qualified by these cautionary statements. Except as required by applicable law, Eddy undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

SOURCE Eddy Smart Home Solutions Ltd.

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