Octopus Electric Vehicles (Octopus EV) has extended and upsized its funding line from global banks to get more EVs on roads, bringing its funding to £2 billion.
The deal allows Octopus to accelerate its EV fleet, pushing it from 40,000 cars currently to more than 75,000 when all the funds have been deployed.
The cash builds on a funding line agreed with Lloyds in 2023, and has now been joined by international banks Morgan Stanley and Crédit Agricole CIB.
The announcement was made at COP30 in Brazil, and comes as EV growth as hit a record 26% of all new car sales in the UK in October, which is the strongest market share of 2025, according to New AutoMotive data.
It follows additional growth across Europe with more than 1.7 million EVs registered across the continent in September, a 19% jump from last year.
Octopus offers an all-in-one EV package of a leased vehicle, bespoke EV tariffs, home chargers and access to the Electroverse public charging network.
Since launching its leasing offer in 2021, Octopus EV has created over 500 jobs across London, Weybridge, Brighton and Manchester.
Building on this success, it also recently launched in Germany as it aims to expand its EV offerings globally.
Gurjeet Grewal, CEO of Octopus Electric Vehicles, commented:
“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.”
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.”
Image courtesy of Octopus EV
