After Robot Sparks Fire, Ocado Takes $137 Million Hit
ENGLAND - Ocado, a well-known online supermarket, suffered extreme losses in February when one of its robots contributed to a devastating fire that left one of its facilities unusable. The company recently reported just how much this fire cost it: $137 million.
How exactly did this fire occur? According to a report from Forbes, one of the battery charging units set a factory robot on fire. This resulted in a warehouse fire that lasted for four days.
Given that Ocado’s business is powered by automated robots, this financial loss could be considered a setback to some. However, Ocado’s CEO Tim Steiner is still feeling optimistic about opportunities within the market. He announced that, “We have never had as many opportunities to grow as we do today.”
The financial loss was first noticed in Ocado’s half-year report, in which the company reported its overall losses for 2019 thus far.
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