Octopus Electric Vehicles has extended its funding line from global banks in a deal that will allow it to push its EV fleet from 40,000 cars currently to more than 75,000.
The new backing from Lloyds, Morgan Stanley and Crédit Agricole CIB brings the leasing firm’s total EV funding to £2bn.
This agreement – announced at the COP30 conference in Brazil – builds on a major funding line agreed with Lloyds in 2023.
Octopus’ all-in-one EV package includes a leased car, bespoke EV tariffs, home chargers and access to the Electroverse public charging network.
Since launching its leasing offer in 2021, Octopus EV has created more than 500 jobs across London, Weybridge, Brighton and Manchester.
The firm recently launched in Germany as it looks to expand its EV offerings globally.
Gurjeet Grewal, CEO of Octopus Electric Vehicles, 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.”
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.”
