In the UK, Octopus Electric Vehicles, part of the Octopus Energy Group, has agreed to a deal for £150 million of funding from Pollen Street Capital. The funds will primarily finance Octopus’ EV salary sacrifice offer launched in 2021.
Octopus’ flagship EV salary sacrifice offer, Octopus explains, is like a cycle-to-work scheme but for cars. The Octopus salary sacrifice helps drivers save 30-40% monthly on a brand-new electric car. For this offer, Octopus provides an easy all-in-one service, including a new electric car, charger, and discounted energy tariff.
The deal takes Octopus’ total EV funding to over £650 million in just two years. The British energy company, which provides exclusively renewable energy sources, says it has helped more than 3,000 companies launch an electric car employee benefit scheme over the last two years, with clients including McLaren, Nando’s and Zoopla.
This track record was convincing for Pollen Street, which describes itself as an alternative asset manager with a credit strategy dedicated to senior secured, asset-backed investments. According to Octopus Energy, Pollen Street has a track record in providing financing in the energy transition and has, for example, completed four other transactions that fund the expansion of electric vehicle fleets in the last 18 months.
Matthew Potter, Partner at Pollen Street Capital, said: “Octopus are an innovative business which has gone from strength to strength and we are delighted to support their next phase of growth.”
Octopus Electric Vehicles has grown rapidly so far, increasing its headcount tenfold since May 2021. The British company says it has created over 225 new green jobs across offices in London, Weybridge, Brighton and Manchester. Octopus says it recently took its expertise to America with the launch of Octopus Electric Vehicles in the US.
Fiona Howarth, CEO of Octopus Electric Vehicles, commented: “Drivers are increasingly seeing the benefits of switching out old gas guzzlers for electric cars. They are great to drive, better for the planet and can save over £1,000 a year in fuel. With demand soaring, we need manufacturers to continue to increase volumes. ” She noted that, “With this demand, the UK is ever more attractive for EV charging investment and a destination for new electric car brands.”
Information via email
Keyword: Octopus Electric Vehicles garners £150 million