Octopus Electric Vehicles, a subsidiary of Octopus Energy in the UK, has secured a significant financial boost of GBP 550 million from Lloyds Banking Group. This funding aims to facilitate the expansion of Octopus Electric Vehicles’ innovative programme, allowing employees of corporate clients to access discounted rates for electric vehicles (EVs).
Revolutionizing vehicle ownership through “salary sacrifice”
Octopus Electric Vehicles operates a groundbreaking “salary sacrifice” scheme, enabling drivers to save up to 40% on the purchase of a new EV. Under this initiative, individuals can make payments through their gross salary, leading to savings on income tax and national insurance. The programme has garnered attention for its role in promoting sustainable transportation solutions.
Financial injection for accelerated Growth
With the infusion of GBP 550 million from Lloyds Banking Group, Octopus Electric Vehicles aims to accelerate the growth of its innovative scheme. This financial backing, combined with existing funding, now totals an impressive GBP 1.2 billion. The substantial investment reflects a shared commitment between Octopus EV and Lloyds to drive the transition from traditional fuel-dependent vehicles to cleaner and more sustainable alternatives.
“Supercharging” the transition
Fiona Howarth, CEO of Octopus Electric Vehicles, expressed enthusiasm about the partnership with Lloyds, emphasizing their joint efforts to “supercharge the transition.” The objective is clear – facilitating a seamless shift from conventional petrol and diesel vehicles to environmentally friendly electric alternatives. The funding injection comes at a crucial time, aligning with the growing momentum towards green mobility solutions.
Impactful journey with over GBP 450 Million in financed EVs
Octopus Electric Vehicles has already played a significant role in putting more electric vehicles on British roads, having financed over GBP 450 million worth of EVs to date. The company adopts a holistic approach, providing a comprehensive package that includes the EV itself, a charging infrastructure, and access to discounted energy tariffs. This approach ensures a streamlined experience for users entering the electric vehicle space.
Diverse EV offerings and extensive corporate participation
Octopus Electric Vehicles boasts a diverse portfolio, offering more than 85 electric vehicles from 28 different brands. The company has successfully attracted over 4,000 corporate clients to its salary sacrifice scheme, including notable names such as Dyson, McLaren, and Innocent Drinks. The widespread adoption of the scheme across various sectors highlights its appeal and effectiveness in promoting sustainable mobility solutions.
Advancing green mobility initiatives
The collaboration between Octopus Electric Vehicles and Lloyds represents a concerted effort to advance green mobility initiatives in the UK. The focus on the salary sacrifice scheme underscores the commitment to making EVs more accessible and affordable for a broader demographic. As the automotive landscape undergoes a paradigm shift towards sustainability, innovative financing solutions like these play a pivotal role in driving change.
Octopus Electric Vehicles’ infusion of funds from Lloyds signifies not just a financial investment but a strategic partnership dedicated to reshaping the future of transportation. The substantial backing underscores the confidence in the viability and impact of initiatives that promote the adoption of electric vehicles, contributing to a cleaner and greener automotive ecosystem.