Octopus EV backing passes £2bn mark

Electric vehicle leasing company attracts support from Lloyds, Morgan Stanley, and Crédit Agricole CIB

Vehicle leasing specialist Octopus Electric Vehicles (Octopus EV) has extended and upsized its funding line from global banks, bringing its total funding to £2 billion.

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

An initial funding line agreed with Lloyds in 2023 has now joined by international banks Morgan Stanley and Crédit Agricole CIB. 

Electric cars screech now account for a record 26% of all new car sales in the UK in October, the strongest market share of 2025, according to New AutoMotive data.

EV use in Europe is also speeding up. In September, over 1.7 million EVs were registered across the continent – a 19% jump from last year. 

Since launching its leasing offer in 2021, Octopus EV say it has created over 500 green jobs across London, Weybridge, Brighton and Manchester. It recently launched in Germany as part of plans to expand its EV offerings globally.

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. It offers 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 leases the cars, install chargepointss, provide specialist EV energy tariffs, and offer access to over 1.2 million public charge points globally via Octopus Electroverse.

Octopus Electric Vehicles also specialises in salary sacrifice schemes via which an employee can obtain a new electric car with tax savings.

Gurjeet Grewal, chief executive of Octopus Electric Vehicles, said: “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, UK 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.”