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EVs on the Rise: Octopus grabs £150M to expand salary sacrifice scheme

Octopus EV
Picture credits: Octopus EV

May 2023 witnessed a remarkable surge in the adoption of battery-electric vehicles (EVs) in the UK, with nearly 25,000 new EVs hitting the roads. This staggering figure represents a year-on-year increase of 58.7%, propelling the EV category to almost 17% market share. As a result, EVs solidified their position as the second most popular powertrain in the UK, just behind petrol cars.

Octopus Energy’s EV leasing arm, Octopus Electric Vehicles, based in the UK, achieved a significant milestone during this period. Reportedly, the company secured a substantial £150 million in funding from Pollen Street Capital, a London-based investment management company that had previously invested in Onto, Footium, and bunq. This infusion of funds will enable Octopus Electric Vehicles to expand its electric vehicle salary sacrifice scheme and extend its reach. Moreover, this investment brings the total funding raised by Octopus to over £650 million. Notably, Octopus Electric Vehicles also announced its entry into the US market by launching its services there.

According to a report by Sky News, Fiona Howarth, the CEO of Octopus Electric Vehicles, expressed her enthusiasm regarding the increasing demand for EVs in the UK, making it an attractive destination for EV charging investment and the entry of new electric car brands.

Under the leadership of CEO Fiona Howarth, Octopus Electric Vehicles introduced its salary sacrifice offer in 2021, enabling drivers to save between 30% to 40% on the cost of a new electric car. The company estimates that its vehicles save over 32,000 tonnes of CO2 annually, equivalent to the emissions of more than 11,500 fossil fuel cars. Octopus Electric Vehicles’ scheme combines the car, charger, and discounted energy tariff into one comprehensive package. Currently, the scheme is utilized by 3,000 companies, including renowned names like McLaren, Nando’s, and Zoopla.

With an impressive selection of 85 electric car models from 28 different brands, Octopus Electric Vehicles’ all-in-one service also grants access to over 430,000 public charging points across Europe through Octopus Electroverse.

In addition to its remarkable achievements, Octopus Electric Vehicles has significantly expanded its workforce since its inception, creating over 225 new green jobs across its offices in London, Weybridge, Brighton, and Manchester.

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