OCTOPUS Electric Vehicles (Octopus EV) has agreed a £550 million debt securitisation facility from Lloyds Bank, bringing total electric vehicle (EV) funding to £1.2 billion.
The funds from this deal will help finance Octopus EV’s salary sacrifice programme, which more than 4,000 companies have signed up to since it was launched in 2021.
We're delighted to be partnering with Lloyds to supercharge the transition, with an additional £550m to help drivers switch from old school gas guzzlers to a cleaner alternative.
Drivers benefit from a brand new car, charger and discounted energy tariff, and Octopus EV offers more than 85 vehicles from 28 brands, with a fleet exceeding £450 million in value. It recently struck a deal with US EV manufacturer Fisker to offer the new all-electric Fisker Ocean SUV.
Octopus has also opened up its full service electric car package to drivers outside of salary sacrifice. This means that anyone is able to benefit from the service, regardless of where they work.
Miray Muminoglu, managing director, head of securitised products group and FIG DCM at Lloyds Bank, said that the company was delighted to become a funding partner to Octopus EV, with the innovative £550m securitisation facility.
“Given the alignment across the two institutions in supporting the transition to net zero, and our leading auto franchise within SPG, this facility demonstrates not only our strategic ambitions to broaden and deepen our client relationships but also our commitment to help Britain prosper.”
This new funding tops up the leasing broker’s existing facility with Close Brothers for its salary sacrifice scheme.
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Sarah Tooze has been an automotive journalist for more than 15 years, specialising in the fleet and transport sectors. She has held senior positions at industry-leading B2B titles Fleet News and Smart Transport, and led campaigns championing motorists as consumer editor for online used car marketplace Heycar and motoring advice website HonestJohn.co.uk. In 2017 she won the Newspress Automotive Business Journalist award.
