Two more banks back our drive to accelerate EV adoption

We’ve just announced new funding deals with two leading banks - Morgan Stanley and Crédit Agricole CIB. They join Lloyds, who we’ve been working with since 2023, to increase our credit line past £2bn.

That’s the money we use to buy cars from EV manufacturers, which we then make available to people. The more credit, the more EVs we can get on the road, and the faster we can help drivers make the switch. 

Since launching in 2021, we’ve been at the front of the EV revolution. Today, almost 40,000 people drive an EV through one of our schemes. These new funds will help us almost double that number. 

Gurjeet, our CEO, said: “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.”

His vision was echoed by Miray Muminoglu, a Managing Director at Lloyds. “Lloyds is proud to have backed Octopus Electric Vehicles from the outset…we are committed to playing our part in getting more electric vehicles on the road and supporting the UK’s journey to net zero to create a more sustainable future.”