Octopus Electric Vehicles (EV) has secured additional funding from Lloyds, Morgan Stanley and Crédit Agricole CIB, allowing it to grow its UK fleet to more than 75,000 vehicles.
The firm now has more than £2bn in total EV funding.
Prior to the deal, Octopus EV had funding for a fleet of 40,000 EVs in the UK.
The deal was announced at COP30 in Brazil and builds on a funding line agreed with Lloyds in 2023.
Gurjeet Grewal, CEO at Octopus EV, said: “Electric momentum is surging across the UK and Europe.
“Every month, thousands more drivers are discovering just how affordable and enjoyable making the switch can be – and this fresh funding from Lloyds, Morgan Stanley and Crédit Agricole will allow us to bring even more zero-emission cars onto UK roads.”
Keir Mather, Minister for Aviation, Maritime and Decarbonisation, said: “We’ve helped over 30,000 people go electric thanks to our Electric Car Grant since we launched it this summer, saving them cash with discounts of up to £3,750 on new EVs.
“We’re backing people and industry to make the switch with £4.5bn investment, and it’s great to see industry players like Octopus backing the EV revolution and getting more electric cars out on our roads.”
Octopus EV offers an all-in-one package, including a leased EV, home energy tariff, a home charger and access to its public charging network, Octopus Electroverse.
Miray Muminoglu, managing director, head of Securitised Products Group and FIG DCM at Lloyds, said: “Lloyds is proud to have backed Octopus Electric Vehicles from the outset, with this transaction deepening our support for the UK’s transition to electric mobility.
“As the UK’s largest financial services provider, we are committed to playing our part in getting more electric vehicles on the road and supporting the UK’s journey to net zero to create a more sustainable future.”
