UK EV firm secures huge £1billion boost in win for British car making | UK | News | Express.co.uk
A funding boost could spell a boom time for British EV car manufacturing.
A British electric vehicle firm has won more than a billion pounds of funding towards boosting the UK electric vehicle market.
Octopus Electric Vehicles has secured a £550million securitisation facility with Lloyds Bank, with the deal taking total funding to £1.2billion.
Funds will supercharge Octopus’ flagship EV salary sacrifice scheme, which has more than 4k businesses signed up. Launched in 2021, the firm said the scheme empowers drivers to save 30-40 percent each month on a brand new electric vehicle.
Octopus offers an all-in-one service, providing the brand new car, charger and discounted energy tariff.
The electric car market has rocketed in recent years, with close to 900,000 cars registered on UK roads and forecasts predict that the UK will register more than 500,000 new electric cars each year by 2028.
Fiona Howarth, CEO of Octopus Electric Vehicles, said: “Electric cars are revolutionising our roads.
“With battery prices down 90 percent since 2010, electric cars are more affordable and can travel further than ever on a single charge. Drivers can fill up at home, work or on public networks, many saving over £1,000 every year on fuel.
“The tech in our pocket transformed when Apple led the smartphone revolution. Now our roads are catching up, and with Tesla leading the way, there are now almost 30 brands with great EVs on sale in the UK.
“We’re delighted to be partnering with Lloyds to supercharge the transition, with an additional £550m to help drivers switch from old school gas guzzlers to a cleaner alternative.”
Octopus EV, the EV specialist business from the Octopus Energy Group, has become a driving force in the transition to clean, electric transport in fewer than five years.
When it launched its own lease offer in 2019, there were only a handful of electric vehicle models available to customers but it now offers over 85 vehicles from 28 brands, with a fleet exceeding £450million in value.
Octopus EV now has more than 4,000 companies signed up to its salary sacrifice offer, including British businesses such as Dyson, McLaren and Innocent Drinks.
Since launching its salary sacrifice offer in April 2021, Octopus EV has created more than 300 new green jobs across offices in London, Weybridge, Brighton and Manchester. Octopus recently took its expertise to America with the launch of Octopus Electric Vehicles in the US.
Miray Muminoglu, Managing Director, Head of Securitised Products Group and FIG DCM at Lloyds Bank, said: “We’re delighted to become a funding partner to Octopus EV with this innovative £550m securitisation facility.
“Given the alignment across the two institutions in supporting the transition to net zero, and our leading auto franchise within SPG, this facility demonstrates not only our strategic ambitions to broaden and deepen our client relationships but also our commitment to help Britain prosper.”
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