Octopus secures £150m funding to drive EV expansion

Octopus has raised £150 million in funding from Pollen Street Capital, bringing the total funding for its EV leasing arm to over £650 million

Octopus Electric Vehicles, a subsidiary of Octopus Energy Group, has recently secured £150 million in funding from Pollen Street Capital to support the expansion of its electric vehicle (EV) offerings.

This funding brings the total investment raised for Octopus’ EV leasing arm to over £650 million.

The primary focus of the funding will be to bolster Octopus’ salary sacrifice programme, which enables drivers to enjoy cost-effective options for transitioning to EVs.

The scheme allows participants to save 30-40% each month on a new EV, providing an all-in-one solution that includes the vehicle, charger and discounted energy tariff.

Fiona Howarth, Chief Executive Officer of Octopus Electric Vehicles, said: “Drivers are increasingly seeing the benefits of switching out old gas guzzlers for EVs.

“They are great to drive, better for the planet and can save over £1,000 a year in fuel. With demand soaring, we need manufacturers to continue to increase volumes.”

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