Octopus EV surges past £2bn in electric car funding

• Octopus EV receives new backing from leading banks Lloyds, Morgan Stanley, and Crédit Agricole CIB
• Deal marks major milestone for Octopus EV, surging past £2bn in total EV funding
• Octopus now has funds to expand its UK fleet from 40k to 75k electric cars

London, 14th November, 2025 - Octopus Electric Vehicles (Octopus EV) has extended and upsized its funding line from global banks to get more electric vehicles on roads, bringing its total EV funding to £2 billion.

The deal allows Octopus to supercharge its EV fleet, pushing it from 40,000 cars currently to more than 75,000 once all funds are deployed.

This builds on a major funding line agreed with Lloyds in 2023, now joined by international banks Morgan Stanley and Crédit Agricole CIB.

The announcement was made at COP30 in Brazil and comes as electric cars screech ahead of their petrol counterparts – hitting a record 26% of all new car sales in the UK in October, the strongest market share of 2025, according to New AutoMotive data*.

Europe’s EV revolution is speeding up, too. In September, over 1.7 million EVs were registered across the continent – a 19% jump from last year**.

With Octopus’ all-in-one EV package – including a leased car, bespoke EV tariffs, home chargers and access to Europe's largest public charging network Electroverse – switching to electric has never been easier or better value for customers.

Since launching its leasing offer in 2021, Octopus EV has created over 500 green jobs across London, Weybridge, Brighton and Manchester. Building on this success, it 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.”

-Ends-

Notes to editors:

* New Automotive Electric Car Count - October 2025

** New Automotive Global EV Tracker - October 2025

Press Contact

Octopus Energy:

Sam Salehi

sam.salehi@octoenergy.com

0204 5308 369

Octopus Electric Vehicles, part of the Octopus Energy Group, was launched in 2018 to make it easy for drivers to make the switch to clean, electric transport. With over 133 electric cars now available from 30 different brands, Octopus Electric Vehicles’ team provides everything drivers need to take the road in a new EV.

Offering an all-in-one service, Octopus lease the cars, install charge points, provide specialist EV energy tariffs, and offer access to over 1.2 million public charge points globally via Octopus Electroverse - all with a 4.8* rating on Trustpilot.

Octopus Electric Vehicles also specialises in salary sacrifice schemes – an employee benefit that makes driving a brand new electric car even cheaper than the petrol or diesel equivalent through tax savings. Placing customer experience first, Octopus Electric Vehicles has designed the scheme to be simple for an employer to set up and run, and support them at every step. Drivers can typically save between 30-40% every month on the cost of their EV; and at zero-cost for an employer to set up, it’s great for their team, their hiring and retention, and for their sustainability goals.

More information can be found at www.octopusev.com