Louis Swindell

Louis began his career at Rock aged 16 before gaining five consecutive years of summer experience in all areas of the business. Following graduation from the University of Liverpool, Louis joined in a full-time role as an Analyst supporting Rock’s origination team and over his time, experienced the organisation grow from a boutique project developer into the UK’s leading financier of passenger rolling stock funding over £3bn of trains between 2016-2019.

In January 2021, Louis began investigating how Rock’s model could be adapted to support the UK bus industry after identifying some key factors that would increase the challenge of operators’ traditional method of bus procurement (i.e. outright purchase) and in turn, increase the attraction of a leasing solution. The most significant factor was the move to zero emission due to the higher upfront costs and various ownership risks associated with battery-electric buses when compared to a diesel alternative. Louis, and the wider Rock team, developed a leasing solution that grants fleet owners the ability to introduce zero emission buses at scale while minimising capital outlay and outsourcing key ownership risks around residual value and battery replacement.

Rock Road has recently established a joint venture with Aviva Capital Partners and formed a partnership with the UK Infrastructure Bank and HSBC to raise an initial £100m fund which will be used to deploy this proposition across the UK. Rock’s model is highly scalable and could provide access to £billions of long-term, low-cost institutional capital over the coming years.

As Head of Bus Investments, Louis’ roles include: working with local authorities and operators to improve our commercial proposition, navigating successful bids from win phase to financial close and maintaining strong relationships with our investor base.

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