Octopus Energy is searching for £100mln worth of funding to power up its electric vehicle wing.
New funds are being sought from external investors, according to Sky News, to help it boost its EV business, which already supplies such as Dyson and property firm Zoopla.
Sales of EVs outnumbered diesel cars in 2022 for the first time with UK production in January up 50% compared to last year, according to trade body the Society of Motor Manufacturers and Traders.
Octopus Electric Vehicles (OEV), a subsidiary of the UK’s fourth-largest energy supplier, was set up in 2018, offering advice and packages for customers wanting to switch away from petrol and diesel cars.
A salary sacrifice scheme enables employers to sell leased EVs to staff, taking payments straight from pay packages before tax, while it also offers charging tariffs aimed at cutting electricity costs.
Parent firm Octopus Energy became the UK’s fourth largest supplier in December, behind Centrica PLC (LSE:CNA)’s British Gas, EDF and E.ON, when it bought Bulb Energy out of administration and took on its 1.5mln customers.
Rivals objected to that deal and it heads to court this week firms in court this week with the competitors alleging the government did not advertise that public funding would be part of the deal.