Ondo InsurTech PLC Factory Capacity Increased

RNS Number : 7732J

Ondo InsurTech PLC

28 October 2024

 

 

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	[phone]
Dowgate Capital Ltd (Broker & Financial Advisor)	Russell Cook Nick Chambers Charlie Hall	[phone]
Cassiopeia Services Ltd (PR & Investor Relations)	Stefania Barbaglio	[phone]

 

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

 

 

 

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