Octopus EV, a division of Britain's largest energy supplier, has secured an additional £500 million in financing. This new funding comes from a group of lenders, including Morgan Stanley and Crédit Agricole, and extends a previous credit line established with Lloyds Banking Group in 2023.
The expanded financing boosts Octopus EV's total credit war chest to £2 billion. This substantial financial injection is intended to support the company's growth, enabling it to increase its UK fleet of electric vehicles from 40,000 to 75,000 cars.
This announcement is set to be made at the COP30 climate summit in Brazil. The move signals a strong commitment to the burgeoning electric vehicle market, which is experiencing rapid growth in both the UK and Europe, with electric car sales reaching record highs.
Octopus EV offers a comprehensive package that includes leased electric cars, specialized energy tariffs, home charging solutions, and access to Electroverse, a significant public charging network. The company's CEO, Gurjeet Grewal, highlighted the increasing affordability and enjoyment of switching to electric vehicles, with the new funding set to accelerate the deployment of zero-emission cars on UK roads. Government officials also expressed support for industry initiatives like Octopus EV's in transitioning the UK towards greater electric vehicle adoption.
