Octopus Electric Vehicles (OEV) is reportedly collaborating with Investec bankers to raise an additional £100m in funding from external investors. The news emerged amid the EV production increase in the UK, per British free-to-air television news channel Sky News.
For context, its parent company Octopus Energy Group was able to raise its valuation to $5bn just more than a year ago. Currently, it is among the most prominent residential energy suppliers in Britain.
The report stated that British Gas owner Centrica had filed a judicial review petition to contest how the government processed the sale of Bulb. In retrospect, the energy company Octopus Energy just acquired crashed in 2021.
UK’s EV production grew by almost 50% in January 2023
OEV’s fundraising efforts seem to be influenced by the recently released data from the Society of Motor Manufacturers and Traders. It revealed that EV production in the UK saw year-on-year growth of almost 50%.
That said, it is no wonder why the EV leasing company suddenly seeks additional funds to catch up with the current momentum in the market.
About OEV
Interestingly, OEV claims that its salary sacrifice program eliminates one of the main obstacles to EV uptake. Every quarter, it expands the potential client base of its business by about 85,000 employees.
Among its clients are:
- The appliance manufacturer Dyson.
- The real estate portal Zoopla.
- The consulting firm Bain & Company.
Meanwhile, its CEO is a former BMW and Ovo Energy executive, Fiona Howarth.
As for the competition, OEV rivals companies like Onto, Zenith, and LeasePlan.
If interested, you can select your EV among OEV’s wide range of offerings and choose your plan here.
