Rock Road

Powering the shift to Zero-Emission Bus fleets

Rock Road exists to accelerate the UK’s transition to clean, sustainable transport by unlocking large-scale private investment for zero-emission buses and supporting infrastructure.

We bring together public and private sector expertise to deliver long-term, affordable funding solutions that make decarbonisation commercially viable and operationally achievable.

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Financing 
zero-emission fleet

Our Model

Accelerating the shift 
to clean Bus fleets

Rock Road applies a proven infrastructure finance approach to the UK bus sector – connecting institutional capital with local authorities and operators looking to invest in the future of public transport.

Our funding model offers:

  • Access to institutional and pension fund investment at infrastructure-level pricing.
  • Competitive, long-term finance tailored to fleet and depot requirements.
  • Comprehensive risk management, including asset performance, residual value, and battery lifecycle.
  • Alignment with franchising models, providing flexibility and certainty for both authorities and operators.

This approach enables a lower total cost of ownership for electric vehicles and helps shift the market from being subsidy-dependent to self-sustaining.

Key benefits

Key benefits of Rock Road’s finance solutions

Flexible finance, real-world impact — enabling operators to go zero-emission with confidence.

Cost smoothing over asset life

Spread the full cost of the vehicle over its operational life to achieve affordable and predictable monthly rates.

Battery replacement risk absorption

We cover the potential future costs of battery replacement, protecting operators from volatile long-term risks.

Short-term lease flexibility

Designed for evolving markets like bus franchising, our short-term leases enable faster fleet transitions without long-term lock-in.

Access to Institutional-Grade Capital

We unlock infrastructure-style financing backed by institutional funders—bringing stability, scale, and low-cost capital.

Why It Matters

Strategic partnerships & funding highlight

Decarbonising transport is critical to achieving the UK’s net-zero goals – but with more than 30,000 diesel buses still in operation, the challenge ahead is significant.

By leveraging public funds to attract private capital, Rock Road ensures that investment in clean transport delivers maximum impact – helping local authorities, operators, and investors work together a shared goal: a cleaner, smarter, and more efficient bus network for the UK.

Financing 
zero-emission fleet

Explore Our Work

Driving Net Zero: How Rock Road Is Funding the UK’s Bus Transition

A case study on our investment model and the partnerships helping deliver the UK’s clean bus revolution.

View case study
Our accreditations

Trusted standards & recognized excellence

We’re proud to hold industry-leading accreditations that reflect our commitment to quality, 
sustainability, and safety in delivering zero-emission bus solutions.

ISO 9001
Cyber Essentials Certified
FAQ

Frequently asked questions

Clear answers to common questions about our zero-emission bus finance model.

What is Rock Road?

Rock Road provides flexible and scalable financing solutions to accelerate the adoption of zero-emission buses (ZEBs). Our approach helps local authorities and bus operators transition their fleets without the burden of high upfront costs – while managing key ownership risks like battery degradation and long-term asset value.

Launched in 2021, Rock Road works alongside councils, national government, and institutional funders to deliver innovative finance structures that make net-zero transport a practical, affordable reality.

Rock Road retains ownership of the vehicles throughout the lease term. This allows operators to avoid depreciation risks and preserve capital for other investments.

In April 2024, Rock announced a joint venture with Aviva Capital Partners to establish a new funding platform for Rock Road. Backed by HSBC and the UK Infrastructure Bank, the platform has committed an initial £100 million to fund up to 250 zero-emission buses and associated infrastructure.

Rock Road is part of the wider Rock group, leveraging Rock Rail’s successful funding model and partnerships to deliver sustainable transport solutions beyond rail – starting with zero-emission buses.

Rock Road provides long-term, institutional investment that allows local authorities and operators to access the benefits of zero-emission transport without significant upfront costs.

By funding the transition to zero-emission buses and supporting infrastructure, Rock Road directly contributes to reducing transport emissions and improving air quality across UK communities.

Driving Net Zero: How Rock Road 
Is Funding the UK’s Bus Transition

Accelerating the shift to clean, affordable, zero-emission transport

Year
2025
Category
Rock Road
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The Challenge

The UK bus network is at the heart of everyday travel – but over 30,000 diesel buses still need replacing to achieve a fully zero-emission fleet.

While around 5,000 battery-electric buses are already on the road, the high upfront cost of electric vehicles and depot electrification continues to slow the transition. Traditional funding routes — such as government grants or short-term bank finance – have helped start the journey but cannot support decarbonisation at the scale required.

A new, sustainable funding model was needed: one that could attract long-term capital, spread costs fairly, and give operators and authorities confidence in the future.

The Solution

In 2021, Rock launched Rock Road to deliver exactly that –  applying its proven infrastructure financing approach from the rail sector to the UK’s clean bus revolution.

Working with Aviva, the National Wealth Fund, and HSBC, Rock created a dedicated investment platform that channels infrastructure-style finance from pension funds and institutional investors directly into zero-emission bus projects.

This model provides:
  • Access to billions in long-term private capital for fleets and depot electrification.
  • Low-cost, sustainable finance tailored to public-sector needs.
  • Comprehensive risk transfer, including residual value and battery performance, supported by Rock’s in-house team of engineers and asset managers.

Impact

The platform has already raised £100 million, with capacity to scale to £1 billion per year over the next decade – providing a consistent source of affordable capital for local authorities and operators.

Rock’s model ensures that the total cost of ownership (TCO) of electric buses can now be lower than diesel equivalents, thanks to both cheaper long-term finance and reduced operating costs.

In London, Rock has financed 120 zero-emission buses under 7-year leases aligned with Transport for London’s contract lengths. This structure gives operators flexibility and certainty:

  • Buses can be returned, renewed, or upgraded at the end of term.
  • Lease rates are predictable and capped.
  • Ownership and residual risks sit with Rock, not the operator.

The Future

Rock Road’s ambition is to support the rollout of zero-emission fleets across the UK – helping local authorities and operators meet climate goals without overextending public budgets.

By leveraging limited government funding to attract large-scale private capital – for example, £10 million of public investment unlocking over £250 million in total funding – Rock’s model accelerates decarbonisation while keeping costs low for the public sector.

Our ambition is to make electric buses the default choice - not because of subsidy, but because they are the best economic and environmental option.
Louis Swindell
Commercial Director, Rock Road