Ondo InsurTech PLC (LSE:ONDO), a leader in claims-prevention technology for home insurers, has announced a strategic expansion in production capacity at its UK-based contract manufacturing facility.
The decision was driven by growing demand for its LeakBot technology across key markets, particularly in the US.
Ondo is actively negotiating with several major US insurers for new contracts and substantial expansions of current partnerships, with announcements expected in the near future.
In response to rising demand, Ondo will invest in a second dedicated production line at its partner, Asteelflash, in Bedford, England.
This addition will quadruple the facility's output capacity from 10,000 to 40,000 LeakBot units per month, which Ondo InsurTech believes will adequately support the anticipated US demand surge.
Craig Foster, chief executive of Ondo InsurTech, stated: "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 US expansion will clearly demonstrate why now is the right time to add the second production line at Asteelflash."