Octopus charges up EV leasing business with £550m funding
Octopus Energy’s electric car-leasing business has secured an additional £550m in funding, the firm announced today.
The £550m securitisation facility, in partnership with Lloyds Bank, takes Octopus Electric Vehicle’s total funding since its 2019 launch to £1.2bn.
The funds will be used primarily for the company’s flagship EV salary sacrifice scheme, which offers incentives including chargers and a discounted energy tariffs, to employees at firms which opt in.
Fiona Howarth, chief executive at Octopus Electric Vehicles, said: “With battery prices down 90 per cent since 2010, electric cars are more affordable and can travel further than ever on a single charge.”
Miray Muminoglu, managing director at Lloyds Bank, said: “This facility demonstrates not only our strategic ambitions to broaden and deepen our client relationships but also our commitment to help Britain prosper.”
Octopus EV first launched in 2019. It currently offers over 85 types of vehicles from 28 brands and has created over 300 jobs across London, Weybridge, Brighton and Manchester.
The deal comes amid increasing demand for electric cars, with current industry forecasts estimating more than half a million new electric cars per year will be on British roads by 2028.