Ondo InsurTech Plc – Portsmouth Water LeakBot Pilot Results Announced

Portsmouth Water LeakBot Pilot results announced: reducing leaks by 60%

Ondo InsurTech Plc (“Ondo”), the London-listed leader in claims prevention technology for home insurers, is pleased to announce the Portsmouth Water LeakBot pilot results today.

●    In the Portsmouth Water trial 24% of houses that installed a LeakBot had a pre-existing leak.

●    Data from the pilot shows that after 6 months there had been a 60% reduction in the number of leaks

●    This equates to achieving the majority of the long-term Ofwat target of Water Companies reducing household consumption by 36 litres/day

●    LeakBot data suggests leakage on a national basis is even higher with 30% of houses having a pre-existing leak – equivalent to the average house wasting around 40 litres per day.

●    Following the successful trial, Portsmouth Water is considering a wider rollout to reduce in-home consumption.

The results are being shared today with Water Companies across England and Wales at 10am at the Spring Innovation Knowledge Showcase.  Presenting alongside representatives from Ondo are also the CEO of Portsmouth Water Bob Taylor and Ofwat Director of Policy and Outcomes Beth Corbould.

Ofwat have created an innovation fund of up to £100m to encourage solutions that can drive water efficiency in England and Wales from 2024 onwards.

Based on these pilot results £100m could be enough to install LeakBot in over 3,000,000 UK houses and achieve an ongoing water saving of up to 100 megalitres per day – enough water to fill 38 Olympic size swimming pools every day and help the UK to meet its stretching water efficiency goals in the coming years.

Bob Taylor, Portsmouth Water CEO says: “The trial was a great success with high levels of customer engagement from day 1. We were pleasantly surprised to see that LeakBot could reduce leaks by 60% in just 6 months and there’s an opportunity to further reduce consumption through LeakBot’s high usage alerts. We’re now considering a wider rollout as part of our strategy to prevent and resolve leakage.”

Craig Foster, Ondo CEO, says: “The findings for Portsmouth Water supported what we see in the data across the UK, which shows that we could achieve most if not all of Ofwat’s 36 litre per day consumption reduction target in houses in England and Wales. We look forward to progressing conversations with Portsmouth Water about next steps and presenting the full findings to other UK water companies today.”

Linking Shareholders and Executives :Share Talk

If anyone reads this article found it useful, helpful? Then please subscribe www.share-talk.com or follow SHARE TALK on our Twitter page for future updates. Terms of Website Use All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned

Weekly Newsletter

Sign up to receive exclusive stock market content in your inbox, once a week.

We don’t spam! Read our privacy policy for more info.