Ondo InsurTech PLC (LSE:ONDO) has won a first pilot contract with a water company to measure the impact its LeakBot device has on helping reduce water wastage from household leaks.
Under the deal, Portsmouth Water will purchase 1,000 LeakBot devices and distribute them to their customers.
A self-installed device, when LeakBot detects a leak it notifies the customer via mobile app, which can be used to arrange for engineers to visit the property to find and fix the problem.
Having hitherto won all its contracts with insurance firms, Ondo said the pilot is “a highly innovative initiative for a water company”, with Portsmouth Water using system “to detect and fix leaks, and use the platform data to demonstrate to Ofwat the measurable impact the system has on consumer side leakage”.
Bob Taylor, chief executive of Portsmouth Water, said: "We are very proud to be the first water company to introduce LeakBot to home owners. This innovative new scheme has the potential to dramatically reduce leakage in customers' homes and save a significant amount of water at a time of extreme stress on the country's water resources.”
Coming hot on the heels of the recent award of the Green Economy Mark by the London Stock Exchange, Ondo CEO Craig Foster said it is “a very exciting announcement” for the company.
“LeakBot has been proven to make a significant contribution to finding and fixing water leaks in domestic houses in the work we have already been doing with home insurance companies.
“The Portsmouth Water pilot takes this to the next level, with a water company now supporting the rollout of the technology to metred customers - saving water, and reducing both water bills and home insurance costs.”
Shares in Ondo jumped 4% to 8.45p after the announcement on Thursday.