Octopus Electric Vehicles has extended and upsized its funding line from global banks to get more electric vehicles on roads.

The new backing from leading banks Lloyds, Morgan Stanley and Crédit Agricole CIB brings the leasing firm’s total EV funding to £2bn, marking a new milestone.

The deal allows Octopus to supercharge its EV fleet, pushing it from 40,000 cars currently to more than 75,000 once all funds are deployed.

This builds on a major funding line agreed with Lloyds in 2023, now joined by international banks Morgan Stanley and Crédit Agricole CIB.

The announcement was made at COP30 in Brazil and comes as electric cars hit a record 25.4% of all new car sales in the UK in October, according to SMMT data while EV registrations also surged 19% across the Continent in September.

Keir Mather, Minister for Aviation, Maritime and Decarbonisation, said it was great to see industry players such as Octopus backing the EV revolution and getting more electric cars out on UK roads.

Octopus’ all-in-one EV package includes a leased car, bespoke EV tariffs, home chargers and access to the Electroverse public charging network.

Octopus EV launched its leasing offer in 2021 and recently launched in Germany as it aims to expand its EV offerings globally.

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

Miray Muminoglu, managing director, head of securitised products group and FIG DCM at Lloyds, added: “Lloyds is proud to have backed Octopus Electric Vehicles from the outset, with this transaction deepening our support for the UK’s transition to electric mobility. As the UK’s largest financial services provider, 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.”