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Ondo Announces New Pilot With Southern Water

1K Customer Pilot, Starting Small But Significant Scale Potential. The pilot agreement announced today will focus on 1,000 homes in the Southern Water area aiming to replicate the prior success Ondo has had with its pilot with Portsmouth Water. In that trial, it achieved a 60% reduction in water leaks, equating to 24 litres per day. Southern Water provides water to over 2.5M homes so this trial could lead to a much larger rollout over time. Ondo believes a rollout across Southern Water's entire network could save 83 megalitres a day (approximately equivalent to 32 Olympic sized swimming pools).

Putting The Scale of the Pilot and Potential Rollout in Perspective. Though the trial is relatively small in number, it still represents a nearly 2% addition to Ondo's FY2023 54k unit sales, while a potential rollout to all of Southern Water's customers could result in over 125% increase in our long-term assumed customer base from Ondo's existing customers of approximately 2M by FY 2028E (excluding any contribution from as yet unsigned new customers).

Ofwat Target Could Also Be a Game Changer. Ondo has previously highlighted that Ofwat have created an innovation fund of up to £100m to encourage solutions that can drive water efficiency in England and Wales from 2024 onwards. Ondo estimates £100m could be enough to install LeakBot in over 3,000,000 UK houses and achieve an ongoing water saving of up to 100 megalitres per day . The Water Services Regulation Authority, or Ofwat, is the body responsible for economic regulation of the rivatized water and sewerage industry in England. Ondo's water savings in the Portsmouth trial corresponded to reaching 67% of Ofwat's target.

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