Octopus EV & Lloyds Bank partner for electric car funding
Octopus Electric Vehicles has agreed a £550m debt securitisation facility from Lloyds Bank, to fund electric vehicles. This will finance Octopus’ flagship EV salary sacrifice programme, a scheme which started in 2021 and allows drivers to save up to 40% each month on a new electric vehicle. Octopus provides the car, a charger and a discounted energy tariff.
The financial process of debt securitisation pools together various types of debt, such as loans, then transforms them into securities or bonds, which are sold to investors.
Octopus EV, a part of Octopus Energy Group, has become a driving force in the transition to clean, electric transport. Octopus EV launched its own electric car lease offer in 2019 and due to rising popularity, now offers 85 vehicles from 28 vehicle brands.
Octopus Electric Vehicles & Lloyds Bank in EV revolution
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.”
EV battery prices are down 90% since 2010, making electric cars more affordable and helping drivers travel further than ever before on one single charge. Now drivers can charge up at home, at work and on public networks.
“The tech in our pocket transformed when Apple led the smartphone revolution. Now our roads are catching up, and with Tesla leading the way, there are now almost 30 brands with great EVs on sale in the UK,” said Fiona Howarth, CEO of Octopus Electric Vehicles. “We're delighted to have Lloyds Bank as our funding partner to supercharge the transition, with an additional £550m to help drivers switch from old school gas guzzlers to a cleaner alternative."
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