Monday 27 February 2023

Octopus looks for £100m to boost EV firm

Octopus looks for £100m to boost EV firm

Octopus Energy is looking to secure £100 million in funding to grow its electric vehicle (EV) arm.

Octopus Electric Vehicles is now working alongside Investec to bag the external investment it’s looking for.

The number of EVs being produced in the UK has risen by 50% in the last year, the Society of Motor Manufacturers and Traders revealed in January – which is more reason for Octopus looking to boost its business.

Each quarter, the company is adding around 85,000 employees to its customer base, it has stated.

It has also managed to grow recently by offering a salary sacrifice scheme for EVs, with clients such as Dyson and Zoopla.

The fundraising is being dealt with directly by bankers from Investec, with Octopus Energy stating this as its reason for no comment.

Written by

Bruna Pinhoni

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