Octopus Electric Vehicles Zoom Past £1 Billion Thanks to Powerful Investment from Lloyds

Without electric vehicles, there would be no need for the wonderful world of Electroverse so we’re always excited to see investments being made in the EV space, especially when the call is coming from inside the house!

On Monday, it was announced that Octopus Electric Vehicles had secured a £550 million debt securitisation facility from Lloyds Bank. That's over half a billion pounds, yes you heard us, billion with a B!

The significant investment will accelerate the adoption of EVs and bring the total funding for Octopus Electric Vehicles to £1.2 billion. In a nutshell, that means more affordable brand spanking new electric cars for all you lovely lot!

Of course, we are going to sing the praises of our wonderful sister company, and Octopus EV is truly paving the way for a brighter, greener future, but don’t just take our word for it. Since launching the electric car scheme in 2021 Octopus Electric Vehicles has created over 300 green jobs and has signed up over 4,000 companies, we’re talking some pretty big household names like Dyson, McLaren, and even Innocent Drinks. 

Another big name raving about not only the investment but the move to electric as a whole was Transport Secretary Mark Harper, check out what he had to say on Monday: 

“As more electric vehicles become available for consumers, private sector innovation plays an important role on the road to zero-emission vehicles.

That’s why it’s fantastic to see Octopus EV expand their flagship salary sacrifice scheme to help drivers with the upfront costs and easily make the change – with the Government already committing to £2 billion to support the transition to zero-emission vehicles, today’s announcement shows the UK continues to make good progress on enabling people to buy the zero-emission vehicles they want.”

What does this investment mean for the future of electric driving?

Buckle up as we bid adieu to the petrol era and roll into the electric revolution! Transitioning to electric driving isn't just a fad; it's our ticket to curbing climate change and giving the planet a breather.

This investment is bringing some serious perks to the EV market, making the EV scene even more appealing. Here's a sneak peek into the electric wonders heading our way:

1. Accelerated Adoption

Looking to the future, the electric car market is in for an exhilarating ride! With nearly 900,000 EVs ruling UK roads, experts predict over 500,000 new electric cars will hit the tarmac annually by 2028.

This surge of funding will likely accelerate the adoption of electric vehicles and enable Octopus EV to supercharge (see what we did there) its offerings and services. This will make it easier for both businesses and individuals to make the change to electric. 

2. Affordability and Accessibility 

They say that money talks, but should wealth whisper? Not when it’s to do with investment in green energy. Investments like this one will make it even easier for people to make the electric switch and help take more fuel-powered cars off the road. With the Octopus EV car scheme enabling drivers to save on upfront costs, we see the growth that will come from this partnership with Lloyds like a VIP pass to a financially viable EV. 

We’ve not only done the maths, but also the reading, and recent research has shown that across several purchasing groups, offering financial incentives may be the most effective method of increasing adoption rates for electric vehicles! 

3. Corporate Influence 

When the corporate bigwigs and household names are jumping on board you know that it’s going to be a pretty big deal. Octopus EV are already driving up a storm in the business world with over 4,000 companies offering the scheme to employees and this investment from Lloyds is adding that extra spark!

4. Economic impact and market expansion

As the EV industry expands the economic impact is doing nothing short of turning heads and the creation of 300+ green jobs by Octopus EV is just the beginning of tangible outcomes. 

Is that all? Absolutely not! When the salary sacrifice scheme first started there was a modest selection of cars, since then it has boomed to over 85 choices across 28 brands. We can only imagine what this level of investment will bring not just at market level, but to you, the consumer! 

5. Public Charging Network Growth 

It would be a bit remiss if we didn’t include one of the most important considerations when on your EV purchase journey: Where is my nearest public charger? 

With this investment, more electric rides are hitting the streets. What does that mean for public charging stations? Well, the only way is up, my friends!

As of November 2023, there are over 53,000 charging stations across the UK – a 43% jump from last year, and we're halfway to the 100,000 mark by 2025. 

But hold on to your charging cables; location is the buzzword. The more, the merrier, but we need to strategically place these chargers to keep them accessible.

(PS: Forget boring maps! Check out our electrifying map for a journey beyond finding the closest charger – it's like a treasure map for the electric road trip of your dreams!)

“Okay, you’ve convinced me, I want in! How does the scheme work?”

We have done a lovely deep dive into the scheme before, and if you want to get right into the nitty gritty we would highly recommend checking it out here. We get it though, you’re busy so let us give you the rundown!

If you’re an employer you can sign up for the electric car salary sacrifice scheme totally free of charge. It gives your employees the choice of more than 80 models of brand-new electric cars that they can get through their salary.

If you’re an employee you might need to do some convincing, but we’re confident that it will be a pretty easy sell!

Once you’re all signed up and selected your dream EV your monthly salary sacrifice is deducted directly from your pay so you don’t need to worry about a thing. This monthly payment includes everything but the kitchen sink; you get a brand-new electric car, maintenance, insurance, tyres, MOT and roadside assistance from the AA. Octopus Electric Vehicles even throw in a free home charger or 4,000 free miles with Electroverse to get them on the road.

I’m sure you’re thinking, there can’t possibly be more, but there is! As all of the car running costs are covered under the scheme, plus the savings you make through National Insurance and Income Tax, your Octopus EV is almost always more affordable than buying new

Feeling enlightened or do you think something was missing? Let us know by sharing your feedback.

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