Funding reflects growing demand for electric transport
The extension builds on a funding structure first agreed with Lloyds in 2023, now supplemented by international financial institutions Morgan Stanley and Crédit Agricole CIB. The development comes as EV adoption continues to rise. In October, electric models accounted for 26 per cent of all new cars sold in the UK, according to New AutoMotive data.
European markets mirror this trend. More than 1.7 million EVs were registered across the continent in September — a 19 per cent increase on the same month last year — highlighting the momentum behind transport decarbonisation.
Broader growth in the EV ecosystem
Octopus EV offers an integrated EV leasing model that combines a vehicle with charging solutions, EV tariffs and access to Electroverse, the company’s public charging network platform. Since launching its leasing service in 2021, the company has created more than 500 jobs across London, Weybridge, Brighton and Manchester, with recent expansion into Germany reflecting wider interest in comparable EV schemes across Europe.
Industry and government perspectives
Gurjeet Grewal, CEO of Octopus Electric Vehicles, said the new funding will help increase the availability of zero-emission cars. “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, noted the bank’s continued involvement in EV financing. “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, highlighted the role of recent government support. “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.”
