The electric vehicle (EV) arm of Octopus Energy has announced a £550m agreement with Lloyds Bank to fund a debt securitisation facility to fund EV production.
Since its inception in 2019, Octopus Electric Vehicles has financed more than £450m in EVs across the UK.
Its package includes the vehicle, charging unit and access to discounted energy tariffs. Corporate drivers can lease an Octopus EV at a 30-40% discount per month.
The company offers more than 85 models from at least 28 manufacturers and has garnered support from more than 4,000 businesses, including Dyson, McLarenand Innocent Drinks.
CEO of Octopus Electric Vehicles, Fiona Howarth, said: “Electric cars are revolutionising our roads. With battery prices down 90% since 2010, electric cars are more affordable and can travel further than ever on a single charge.
“Drivers can fill up at home, work or on public networks, many saving over £1,000 every year on fuel.
“The tech in our pocket transformed when Apple led the smartphone revolution. Now our roads are catching up, and with Tesla leading the way, there are now almost 30 brands with great EVs on sale in the UK.”
The UK’s electric car market has skyrocketed in recent years, with close to 900,000 EVs reportedly now registered on UK roads.
Furthermore, forecasts suggest more than 500,000 new electric cars could hit Britain’s roads each year by 2028.
According to Octopus Energy, this growth has, in part, been driven by incentives from the UK government, including salary sacrifice and low Benefit in Kind rates.
Other growth drivers include corporate fleet purchases, which rose by 50.6% in September this year while private registrations of EVs fell by 14.3%.
Achievements and innovations in EV charging will be celebrated at the third annual CiTTi Awards, which will be held on 26 November 2024 at the De Vere Grand Connaught Rooms in London. Nominations officially open in March 2024. Visit www.cittiawards.co.uk to learn more about this unmissable event for the UK’s transportation sector.