Steve Dodd

Steve joined Rock in November 2017 as Commercial Director. Steve has over twenty-five years of experience in the railway industry, with a career encompassing London Underground and UK heavy rail predominantly within the rolling stock arena.

Steve has worked for train operators, rolling stock manufacturers and government agencies as a manager, project manager, adviser and engineering lead, with roles encompassing a broad range of rolling stock and commercial engineering activity. Most recently, he was the Engineering Workstream lead for the development of the rolling stock bid proposition for recent Abellio and Stagecoach group franchise bids and for the procurement and delivery of new rolling stock for the Greater Anglia franchise as Joint Project Manager for the cl.720 Bombardier Aventra build. Steve has previously managed the delivery of new trains for South Eastern trains and the design development of Intercity Express trains on behalf of Hitachi and Great Western railways, alongside the delivery of TBTC signalling and CONNECT radio communications system upgrades across the London Underground network.

Steve brings extensive practical working knowledge and experience to forge collaborative working relationships with project and industry stakeholders necessary to successfully scope, specify and deliver major projects and enhancements into revenue earning service. At Rock, Steve will be primarily taking on the Lessor Representative role for the delivery of the new Bombardier Aventra trains for the South Western franchise.

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