Octopus borrows £550m to double EV leasing fleet
21 February 2024
Octopus Energy is to double its EV leasing fleet to 30,000 vehicles after securing a £550m debt deal. Around 4,000 workplaces, including Dyson, McLaren and Innocent Drinks, offer Octopus EV schemes.
Octopus EV chief executive Fiona Howarth said the division has more than tripled its fleet in the past year, with revenues growing from £5m in 2022 to £37m last year.
Octopus EV also began offering used EVs for schemes including salary sacrifice in December 2023. Howarth expects the used fleet mix to rise from 5% to as much as 50%.
Octopus secured the £550m credit line from Lloyds Bank in December. “Demand for EV leasing continues to grow and the finance sector is ready to back the transition,” the Telegraph reported Howarth saying.
In 2023, around 315k new EVs were registered, 77% to fleets such as Octopus. Private EV sales fell from 89k to 72k.
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