Octopus EV celebrates over £1 billion of electric vehicle funding

  • Octopus EV has zoomed past a significant milestone, with £1.2 billion in electric vehicle funding. 
  • Over 4,000 companies, including Dyson and McLaren, embrace the salary sacrifice offer, with Lloyds contributing an extra £550 million.

Octopus Electric Vehicles (Octopus EV) has partnered with 4,000 companies and built over £1 billion in electric vehicle funding

Octopus EV has secured additional funding that propels its electric vehicle (EV) salary sacrifice program into high gear. Launched in 2021, this innovative initiative enables drivers to pocket substantial savings of 30-40% monthly on a new EV. Octopus EV doesn’t just stop at the car; it bundles in the charger and throws in a discounted energy tariff.

Fiona Howarth, CEO of Octopus Electric Vehicles, said:

“Electric cars are revolutionising our roads. With battery prices down 90% 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. 

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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’s fleet boasts a lineup of over 85 electric vehicles from 28 different brands. Therefore, it already holds a substantial value exceeding £450 million. Now, with the infusion of fresh funding, the total EV funding for Octopus EV surges to an impressive £1.2 billion. The company has struck a chord with over 4,000 companies. These include iconic British names like Dyson, McLaren, and Innocent Drinks, all signing up for the enticing salary sacrifice offer.

Ginny Buckley, Founder and CEO of Electrifying.com, commends Octopus EV for securing funding that makes electric cars more accessible, saying:

“We know that affordability is key to helping consumers make the switch to an electric car, with 90% of our audience telling us they’re too expensive. Salary sacrifice plays a huge part in making them more accessible, so congratulations to Octopus Electric Vehicles and its CEO Fiona Howarth for securing this funding – it’s great news for the UK’s hard pressed car buyers and will enable many more people to join the electric revolution.”

Octopus EV isn’t keeping the benefits exclusive to salary sacrifice participants; the company has broadened access to its full-service electric car package. This move aligns with the understanding that affordability is a key factor influencing consumers’ decisions to make the leap to electric cars. 

High initial purchase costs continue to turn many people away from emobility. Salary sacrificing and leasing options have become the only viable option for many to afford a new EV. Achieving this mammoth accomplishment showcases the undeniable commitment of a company dedicated to accelerating an affordable and equitable EV transition.

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