Octopus secures EV boost after multi-million pound deal with NatWest

Octopus Energy will reportedly buy £500 million of EVs to lease to firms that want to decarbonise their fleets

Big Zero Report 2022

Energy supplier Octopus has struck a multi-million pound deal with NatWest to boost its electric vehicle (EV) business.

The company has reportedly secured financial support to buy £500 million of EVs – the vehicles will be leased to companies that are looking to drive their fleets’ emissions down.

Firms, in turn, offer the cars to employees who are paying part of their salaries to cover the cost of owning the vehicle.

Fiona Howarth, Chief Executive Officer of Octopus Electric Vehicles, told ELN: “The UK’s roads are transforming and going electric and many businesses want to offer salary sacrifice schemes to help their employees – it is good for their people, and good for the planet.

“NatWest and Close Brothers are committed to helping finance the transition to net zero and excellent partners to be supporting our electric fleet.”

In February. Octopus and NatWest partnered to allow the lender’s customers to purchase  EV chargers at discounted rates and get access to Octopus Energy’s public charging network.

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