Octopus Energy Launches Electric Vehicle Business in Texas with New Leasing Service

As the first energy retailer to lease EVs to customers, Octopus Energy is accelerating access to EVs and smart charging for Texans amid the global transition to electrification

HOUSTON--()--Renewable energy retailer Octopus Energy U.S. announced today the launch of Octopus Electric Vehicles (OEV), its new business line that will accelerate accessibility and adoption of EVs and smart charging. OEV’s inaugural product is EV Concierge, the first-ever integrated demand response EV leasing plan offered by an energy retailer. With EV Concierge, Octopus Energy will not only help customers lease an EV of their choice, but also seamlessly integrate smart charging and billing into their existing energy plan.

New and existing customers living in Texas are invited to apply for the beta leasing program at octoev.us. The Octopus Concierge team will provide qualifying customers white glove service, helping soon-to-be EV drivers through the entire search and vehicle leasing process, including selection and delivery of a new or used EV of their choice, installation of an EV home charger and education on best practices for EV ownership.

“Interest in electric vehicles is at an all time high. With Texas as the third-largest market for EVs, and a global leader in energy, we will be positioned to help customers realize vehicle and energy savings all on one bill,” said Chris George, Director of U.S. Octopus Electric Vehicles. “As fossil fuel continues to be impacted by inflation, it's never made more sense to get an EV paired with smart charging to extract the lowest priced energy from the grid. EV Concierge will ensure that new EVs enter our state optimized to create a more reliable, clean and affordable energy system.”

Core to the EV Concierge program is Intelligent Octopus, which allows customers to access power when it is cheaper and greener, while helping to balance the overall stability of the grid. Intelligent Octopus is powered through Octopus Energy’s proprietary Kraken technology platform that uses advanced data and machine learning to automate a majority of the energy supply chain. Customers who lease an EV and use a smart thermostat with Intelligent Octopus will have the opportunity to take advantage of a new, discounted energy plan that is 20% to 30% lower than the average 12-month energy plan in Texas today. This reduced rate plan will launch this summer.

Initially launched in the UK in 2018, OEV has grown to offer an all-in-one service where Octopus leases the cars, installs home charge points, provides specialist EV energy tariffs, and offers access to over 250,000 public charge points across Europe via the Electric Juice Network. Its most popular product is EV Salary Sacrifice, which has allowed 1,500 UK businesses to switch their staff to electric vehicles with huge discounts of 30% and above.

“We’ve seen that consumers are looking for experts that can offer the full EV package to guide them through their journey,” said Fiona Howarth, CEO of Octopus Electric Vehicles. “With more EV models entering the market every month, and innovative tariffs like Intelligent Octopus making charging your car as easy as your phone, we only expect the transition to accelerate. ”We’re thrilled to be able to open up our ultimate EV package to millions of new customers both in the UK and the U.S. Our roads are transforming and we plan to lead from the front, making it easy for drivers to make the switch.”

Increasingly, EVs are being designed to not only allow drivers to go from Point A to Point B, but to also be used as a mobile power plant. An EV can hold enough energy storage to power a home for two to three days, offering the ability to significantly power a home during an emergency and fuel critical infrastructure despite shocks to the energy system.

Michael Lee, CEO of Octopus Energy U.S., said, “The modern retailer is here to support customers in ways beyond just selling electricity. This is especially true when it comes to emerging technologies, such as EVs, where energy retailers can maximize the value of the vehicle on the grid, including through vehicle-to-grid as this solution grows. Octopus Energy is here to accelerate the energy transition with integrated, innovative offerings that ultimately unlock lower costs and reliable power for our customers.”

The launch of EV Concierge comes one year after Octopus Energy U.S. landed in Houston to provide affordable, renewable energy to Texas homes. Since then, its customer base has grown 10x while the team has launched programs, like Superpower Savings, to reward customers who conserve energy and balance the grid while demand is high.

To sign up or learn more about OEV, visit octoev.us.

About Octopus Energy

Octopus Energy Group is a technology-driven, renewable energy retailer, directly supplying over 3.2 million customers globally with 100% green electricity at a cheaper price and with a focus on incredible customer service. Founded six years ago as a global energy retailer, Octopus Energy entered the U.S. market in 2020, forming Octopus Energy U.S. and fueling the company’s global expansion. Octopus Energy is valued at nearly $5 billion and is one of energy-tech’s fastest-growing private companies. To learn more, visit: www.octopusenergy.com.

About Octopus Electric Vehicles

Octopus Electric Vehicles, part of the Octopus Energy Group, was launched in 2018 to make it easy for drivers to make that switch to clean, electric transport. With over 65 electric cars now available from 28 different brands, Octopus Electric Vehicles’ team provides everything drivers need to take the road in a new EV.

Offering an all-in-one service, Octopus lease the cars, install charge points, provide specialist EV energy tariffs, and offer access to over 250,000 public charge points across Europe via the Electric Juice Network. All with a 5* rating on Trustpilot.

Octopus Electric Vehicles also specializes in salary sacrifice schemes - an employee benefit that makes driving a brand new electric car cheaper than the petrol or diesel equivalent through tax savings. Placing customer experience first, Octopus Electric Vehicles has designed the scheme to be simple for an employer to set up and run, and support them at every step. Drivers typically save 30% or more every month on the cost of their EV; and at zero-cost for an employer to set up, it’s great for their team, their hiring and retention, and for their sustainability goals.