Octopus EV Secures £500m Financing Boost to Expand UK Electric Vehicle Fleet
Octopus Electric Vehicles (Octopus EV), the electric vehicle leasing arm of Octopus Energy, has secured £500 million in new financing from Lloyds Banking Group, Morgan Stanley, and Crédit Agricole, bringing its total funding to £2 billion. This funding supports the planned expansion of Octopus EV's UK fleet from 40,000 to 75,000 cars and extends a facility previously agreed with Lloyds in 2023.
Octopus EV offers bundled packages that include a leased car, EV tariffs, home chargers, and access to Electroverse, Europe's largest public charging network. CEO Gurjeet Grewal highlighted the surging momentum for electrification both in the UK and Europe. In the UK, electric vehicles accounted for 26% of all new car registrations last month, while Europe-wide, over 1.7 million EVs were registered in September, marking a 19% increase year-on-year.
The UK government's support through the electric car grant, which has helped over 30,000 people transition to electric vehicles by offering discounts up to £3,750, was also cited by Minister Keir Mather. However, there is speculation about a potential pay-per-mile levy for EV drivers expected to be announced in late November, with Octopus EV's salary-sacrifice schemes possibly affected by upcoming tax-incentive changes.
Octopus EV's financing announcement is scheduled for public release at the COP30 climate summit in Brazil.
