The electrical vehicle-leasing enterprise which varieties a part of the identical group as Britain’s largest family power provider will on Friday announce a £500m extension to its financing warchest.
The extra financing paves the way in which for the enlargement of the corporate’s UK fleet from 40,000 to 75,000 automobiles, and is an extension to a facility agreed with Lloyds in 2023.
Picture:
Pic: iStock
Sources mentioned a public announcement can be made on the COP30 local weather summit in Brazil.
Final month, EVs accounted for 26% of all new automobiles within the UK, a file determine, whereas throughout Europe, greater than 1.7 million EVs had been registered in September – a 19% soar from the identical month final yr.
Octopus EV affords an all-in-one package deal comprising a leased automobile, bespoke EV tariffs, dwelling chargers and entry to Electroverse, which it describes as Europe’s largest public charging community.
“Electric momentum is surging across the UK and Europe,” mentioned Gurjeet Grewal, CEO of Octopus EV.
Picture:
Octopus Vitality electrical autos
“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.”
Keir Mather, Minister for Aviation, Maritime and Decarbonisation, mentioned the federal government had “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,” Mr Mather added.
The minister’s feedback come, nonetheless, amid hypothesis a few pay-per-mile levy on electrical automobile drivers in Rachel Reeves’s Finances later this month.
Octopus’s EV arm additionally specialises in wage sacrifice schemes, which the chancellor can also be reportedly planning to focus on by decreasing or eradicating tax incentives.
