Ondo InsurTech PLC (LSE:ONDO) has unveiled a partnership with South West Water to deploy innovative leak prevention technology in households in the region.
This collaboration will see the introduction of Ondo's LeakBot service to an initial 6,000 customers in areas serviced by SWW, including Cornwall, Devon, the Isles of Scilly, and parts of Dorset and Somerset. No financial details were given.
A subsidiary of Pennon Group PLC (LSE:PNN, OTC:PEGRY), the utility company caters to the water and wastewater needs of approximately 1.8 million customers.
By incorporating Ondo's LeakBot, a product designed to detect and alert homeowners of water leaks, the company is seeking to reduce water loss significantly. The deployment is scheduled to commence immediately, with completion targeted by the end of March.
This initiative follows a successful trial with Portsmouth Water in 2023, where LeakBot demonstrated a remarkable 60% reduction in household water leaks.
Over the next 3-6 months, the impact of the LeakBot installations will be closely monitored, with plans to expand the programme beyond the initial target area, based on its effectiveness.
Ondo CEO Craig Foster said: "The immediate rollout 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 rollout 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."