28th Oct 2024 13:50
Ondo InsurTech PLC - London-based claim prevention technology firm for home insurers - Increases production capacity at its UK contract manufacturing facility to accommodate "significant increasing demand" for LeakBot, the company's patented self-install solution that connects to homes using wireless networks to detect leaks. It will add a second production line at its manufacturing partner, Asteelflash, in Bedford, England, which will increase the business' production capacity to 40,000 units per month from its current level of 10,000 units per month.
This will allow Ondo InsurTech to meet anticipated US demand, as the company is at an "advanced stage" in discussions with unnamed large US insurance companies regarding potential contracts and partnership expansions. Chief Executive Officer Craig Foster says: "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."
Current stock price: 17.37 pence, up 19% in London on Monday afternoon
12-month change: down 14%
By Emily Parsons, Alliance News reporter
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