Nick Watson joins the Rock team

  • Rock
Nick Watson

Rock Infrastructure and Rock Rail Limited are pleased to announce the appointment of Nick Watson from 1st September 2016.

Rock Infrastructure is focused on the development of large scale infrastructure projects. As well as being the public sector developer partner for the Mersey Gateway toll road bridge, Rock Infrastructure is the equity developer of its sister company, Rock Rail. With its innovative approach to funding rolling stock in the UK, Rock Rail has recently seen many successes. Earlier this year Rock Rail struck a deal with Govia Thameslink Railway to finance its replacement suburban train fleet on the Great Northern route and it is currently in the process of closing the deal for the acquisition of 378 new electric and Bi-mode vehicles for use on the newly granted East Anglia Franchise.

Nick has worked in the rolling stock market for over 17 years, having started with HSBC Rail (now Eversholt Rail Group) in 1999. From 2008 – 2013, he was a member of the executive team at Hitachi Rail Europe, when he worked with Mark Swindell, Founding Partner of Rock Rail, as the Hitachi commercial lead on the Intercity Express Trains project. More recently Nick was UK Sales Director at Siemens Rail Systems and General Manager for UK and Ireland at Nomad Digital. He brings with him a wealth of experience and a comprehensive knowledge of the UK and European rolling stock market.

Nick Watson states:

“I am delighted to be joining Rock at such an exciting time and to be working with Mark once again. Rock has introduced genuinely innovative funding solutions to the UK rolling stock market and I look forward to contributing to its continued growth and success.”

Mark Swindell, Founding Partner of Rock Infrastructure and Rock Rail, said:

“I enjoyed working with Nick Watson (then Head of Commercial and Business Planning at Hitachi Rail Europe), on developing the innovative Intercity Express Programme (IEP) project from 2008 until I left to found Rock Infrastructure in 2011. He is extremely collaborative and has a deep understanding of the rolling stock market from both the manufacturer and ROSCO perspective. We are pleased to welcome Nick to the Rock team. “

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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
Share

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