Octopus EV secures £2bn to accelerate UK electric car adoption

Octopus Electric Vehicles has expanded its funding agreements with Lloyds, Morgan Stanley and Crédit Agricole CIB, lifting its total EV funding to £2 billion. The company plans to grow its UK fleet from 40,000 to more than 75,000 electric cars as demand continues to rise across Europe.

Announced at COP30 in Brazil, the agreement builds on a major funding line secured with Lloyds in 2023. Morgan Stanley and Crédit Agricole CIB have now joined Lloyds to support Octopus EV’s next phase of growth.

The announcement comes as electric cars continue to gain market share in the UK. EVs accounted for a record 25.4 per cent of new car registrations in October, the highest share recorded in 2025. Moreover, 120,797 electric cars were newly 167,586 electric cars were newly registered in the EU in September, 20 per cent more than in the same month last year. 30.2 per cent more than in the same month last year. Registrations of electric cars so far this year remain significantly above the 2024.

“Electric momentum is surging across the UK and Europe,” said Gurjeet Grewal, CEO of Octopus Electric Vehicles. “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.”

Launched in 2021, Octopus EV offers an all-in-one leasing package combining a vehicle, home charging solutions, bespoke EV tariffs and access to the Electroverse public charging network. It also recently expanded into Germany as part of its wider international plans.

The UK Government has also welcomed the announcement. Keir Mather, Minister for Aviation, Maritime and Decarbonisation, said: “We’ve helped over 30,000 people go electric thanks to our Electric Car Grant since we launched it this summer, saving them cash with discounts of up to £3,750 on new EVs. We’re backing people and industry to make the switch with £4.5bn investment, and it’s great to see industry players like Octopus backing the EV revolution and getting more electric cars out on our roads.”

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