Octopus Energy has raised more than £650 million for its electric vehicle (EV) business.

The money has been raised during a two-year period, with the most recent investment of £150 million made by Pollen Street Capital.

Octopus says the EVs people will take up from the funding will prevent 32,000 tonnes of carbon emissions – the same as taking 11,500 petrol or diesel cars off the road.

The majority of the money goes towards the salary sacrifice scheme that Octopus offers, allowing drivers to lease a new EV for up to 40% less than the normal price.

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.

“The UK is ever more attractive for EV charging investment and a destination for new electric car brands. With an amazing heritage in automotive here in the UK, we’re proud to be able to create new jobs in today’s upgraded, greener car market.”