Octopus Electric Vehicles (Octopus EV), the EV business of Octopus Energy Group, has secured a £550m debt securitisation facility from Lloyds Bank to fund EVs.

The new capital brings Octopus EV’s total EV funding to £1.2bn.

According to Octopus Energy, the new funds will play a significant role in financing its EV salary sacrifice programme. The scheme, which was launched in 2021, supports drivers to save 30% to 40% each month on a brand new EV.

Octopus EV is said to deliver an easy all-in-one service by providing new car, charger, and discounted energy tariff.

Lloyds Bank managing director and securitised products group and FIG DCM head Miray Muminoglu 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.”

Octopus EV launched its own lease offer in 2019 and the firm currently offers more than 85 vehicles from 28 brands with a fleet valued over £450m.

Besides, it has over 4,000 companies signed up to the salary sacrifice offer. These include British businesses like Dyson, McLaren, and Innocent Drinks.

Octopus EV has also generated more than 300 new green jobs across offices in London, Weybridge, Brighton, and Manchester since launching its salary sacrifice offer in April 2021.

Octopus EV CEO Fiona Howarth said: “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.

“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.”