Rock Rail and Infracapital Partners Back New Battery-Electric Train Fleet for Central Germany

Deal marks a long term investment in the country’s zero emissions transport infrastructure.

Rock Rail, a leading developer and owner of rail infrastructure, has partnered with Infracapital Partners to deliver a new battery-electric train fleet for the Mittelthüringer Akku-Netz (MAN) network in Thuringia, Germany. This marks the fifth rolling stock investment in Germany supported by Rock Rail.

The project will provide 19 Stadler FLIRT Akku battery-electric multiple units (BEMUs), replacing aging diesel trains on key regional routes in central Germany. The trains will help local communities by enhancing connectivity, promoting tourism, and supporting economic inclusion across the region.

The MAN network investment follows earlier projects on the Leipzig S-Bahn and Main-Weser Networks, further expanding Rock Rail’s commitment to a cleaner, more modern rail transport system across Germany.

Mark Swindell, CEO of Rock Group said:

“Our success in developing, securing and managing the introduction of battery-operated trains in Germany builds on our wider successes across the country, and in other parts of Europe including the UK. We continue to develop innovative methods of funding transport infrastructure that deliver cost effective, zero emissions, state-of-the-art solutions for both operators and passengers. Improving sustainability and reducing emissions this project, in collaboration with the team at Infracapital partners, is a major step forward in decarbonising regional rail in Europe. We’re also pleased to once again work with DB Regio AG on their launch onto the network. This benefits everyone from investors through the communities relying upon these services. I’m looking forward to further opportunities to decarbonise transport networks across Europe in a way that bring benefits for all parties.”

The new fleet will enter service in December 2028 and will be leased to DB Regio AG for 15 years, covering around 3.6 million train kilometres each year.

ENDS

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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