UK-based Octopus Electric Vehicles (Octopus EV) has obtained a £500m ($657.8m) funding from a group of lenders, increasing its total credit facility to £2bn, reported Sky News.
The EV leasing arm is preparing to announce the extended financing.
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The news publication said the company agreed the additional funding with lenders, including Morgan Stanley, Lloyds Banking Group and Crédit Agricole, building on a facility secured with Lloyds in 2023.
This enlarged credit line is intended to enable the company to grow its UK vehicle fleet to 75,000 cars from 40,000.
According to sources, a formal announcement is expected at the COP30 climate summit in Brazil.
Octopus EV CEO Gurjeet Grewal said: “Electric momentum is surging across the UK and Europe.
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By GlobalData“Every month, thousands more drivers are discovering just how affordable and enjoyable making the switch can be – and this fresh funding from Lloyds, Morgan Stanley and Crédit Agricole will allow us to bring even more zero-emission cars onto UK roads.”
Octopus EV provides a bundled service that includes a leased vehicle, tailored EV tariffs, home charger installation and access to Electroverse, a public charging network in Europe.
The company’s EV division focuses on salary sacrifice schemes.
In August 2025, Octopus EV began a partnership with Mastercard to extend its EV salary sacrifice scheme to employees of small businesses. The scheme is designed to make the leasing of EVs more affordable for employees.
Under that arrangement, eligible small business cardholders in the Mastercard Business Bonus programme can provide their staff with an additional £100 charging credit when choosing an electric car lease.
