9^th August 2023

Ondo InsurTech Plc ("Ondo" or "the Company")

Second water company to introduce LeakBot - Southern Water agreement announced

Ondo InsurTech Plc ("Ondo"), the London-listed leader in claims prevention technology for home insurers, is pleased to announce an agreement with Southern Water to drive water efficiency within their area.

Southern Water will carry out an initial pilot in the coming months and introduce LeakBot to over 1k customers within their area, with the aim of achieving similar water reduction results as the Portsmouth Water trial carried out earlier in the year.

LeakBot achieved a 60% reduction in water leaks within the Portsmouth Water area, which is estimated to equate to 24 litres per day, or 67% of the 36 litres/day Ofwat target. The results were announced at the Spring Innovation Showcase in June, attended by over 100 professionals in the water industry, including representatives from all UK water companies.

Southern Water provides water to over 2.5 million homes. Based on the Portsmouth Water findings, if LeakBot were rolled out to Southern Water customers 83 megalitres of water a day could be saved, the equivalent of 32 Olympic swimming pools.

Tim McMahon, Managing Director of Water at Southern Water says: "There has never been a more pressing time to save every drop of water. The South East is officially water stressed. Climate change, causing hotter summers and less rainfall, and population growth means we have more people and less water to go around. So, we must act to reduce water  wastage. 

We're working with our customers reduce water use and are exploring new technology to help us find and fix more leaks quickly in our network.  We've been impressed by the results of the activity we've seen so far from LeakBot and we're looking forward to seeing the impact this technology could have on reducing leaks and improving engagement in the Southern Water area."

Craig Foster, Ondo CEO, says: "We're increasingly excited about the opportunity to work with water companies to reduce water wasted through leaks. When combining the business cases for both water companies and insurers, we have a proposition which could scale quickly and really add benefit to both industries and their customers. To get us closer to this large-scale opportunity, we're looking forward to working with Southern Water on our second pilot within the water industry ."

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About Southern  Water

Southern Water provides essential water services to 2.7 million customers and wastewater services to more than 4.7 million customers across Kent, Sussex, Hampshire and the Isle of Wight.

Comprising over 700 miles of coastline, two National Parks and five Areas of Outstanding Natural Beauty, chalk rivers, ancient woodland, wetlands and downland, our region is as diverse as the populations we serve.

Our vision is to create a resilient water future for our customers in the South East. Our 13,919-kilometre network, 232 service reservoirs and 655 pumping stations deliver a continuous supply of clean water to our customers at a regulated pressure level. In 2022-23, we put 566 million litres per day into supply.

Our 39,973 kilometres of sewers and 3,499 pumping stations collect wastewater from our customers' homes and businesses, and from the drains outside. Each day, 1,248 million litres of wastewater is received and cleaned at our 363 treatment works, meeting strict environmental standards before being returned to the environment.

For more information visit: www.southernwater.co.uk

About Ondo InsurTech PLC

Ondo InsurTech Plc 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.  Recent independent research by Consumer Intelligence found LeakBot can reduce the cost of water damage claims by 70%.

LeakBot partners with 14 insurance carriers - including Admiral, Direct Line Group, Hiscox, Mapfre and TopDanmark - across 5 different countries, in Europe and the USA.

In March 2022 LeakBot became the first InsurTech to IPO in London, as Ondo InsurTech Plc (LSE:ONDO).

For more information, visit www.ondoplc.com