Octopus EV secures £500m funding from lenders – report

UK-based Octopus Electric Vehicles (Octopus EV) has obtained a £500m ($657.8m) backing from a radical of lenders, expanding its full recognition installation to £2bn, reported Sky News.

The EV leasing limb is preparing to denote the extended financing.

The quality work said the institution agreed the further backing with lenders, including Morgan Stanley, Lloyds Banking Group and Crédit Agricole, gathering connected a installation secured with Lloyds successful 2023.

This enlarged recognition enactment is intended to alteration the institution to turn its UK conveyance fleet to 75,000 cars from 40,000.

According to sources, a ceremonial announcement is expected astatine the COP30 clime acme successful Brazil.

Octopus EV CEO Gurjeet Grewal said: "Electric momentum is surging crossed the UK and Europe.

"Every month, thousands much drivers are discovering conscionable however affordable and enjoyable making the power tin beryllium - and this caller backing from Lloyds, Morgan Stanley and Crédit Agricole volition let america to bring adjacent much zero-emission cars onto UK roads."

Octopus EV provides a bundled work that includes a leased vehicle, tailored EV tariffs, location charger installation and entree to Electroverse, a nationalist charging web successful Europe.

The company’s EV part focuses connected wage sacrifice schemes.

In August 2025, Octopus EV began a concern with Mastercard to widen its EV wage sacrifice strategy to employees of tiny businesses. The strategy is designed to marque the leasing of EVs much affordable for employees.

Under that arrangement, eligible tiny concern cardholders successful the Mastercard Business Bonus programme tin supply their unit with an further £100 charging recognition erstwhile choosing an electrical car lease.

"Octopus EV secures £500m backing from lenders – report" was primitively created and published by Motor Finance Online, a GlobalData owned brand.

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