East Midlands

Transforming Intercity Travel Across the Midlands

£ 0 M+

Investment Value

Rock Rail partnered with Abellio UK to finance a new £400 million fleet for the East Midlands Railway franchise, working alongside Japan Infrastructure Initiative – now part of Mitsubishi HC Capital Inc.

The deal reached financial close in just 22 days, marking one of the fastest transactions of its kind.

0 new vehicles

Class / Train

810 Hitachi AT300 (bi-modes)

Year agreed: 2019

Year entered into service: 2025-ongoing
East Midlands Train Route
Railway line

A New Era for Rail Travel in the East Midlands

The East Midlands fleet sets a new standard for efficient, low-emission intercity travel – delivering lasting benefits for passengers, operators and the environment.

Benefit

Benefits that move the 
nation forward

From enhanced passenger comfort to greener technology and stronger regional links — the East Midlands fleet delivers long-term value for communities, operators, and the environment.

High Performance Bi-Modes

Hitachi-built trains combining electric and diesel power for faster, more flexible intercity travel.

Innovative Investment

£400m project financed by UK and international investors, reflecting confidence in Rock Rail’s sustainable funding model

Greater reliability

Faster acceleration, quieter journeys, and improved performance across both electrified and non-electrified routes

Greener journeys

Quieter cleaner and more energy efficient than the previous diesel fleet

Modern comfort

Stylish interiors, improved seating, better lighting, and enhanced WiFi for a smoother, more enjoyable journey

More capacity

Increased seating and smarter layouts to make every journey more comfortable, even at peak times

FAQ

Frequently asked questions

Who manufactures the East Midlands fleet?

Hitachi, using their proven AT300 bi-mode platform.

Entry begins in 2025, with full rollout continuing thereafter.

There are 33 five-carriage Class 810 Aurora units on order.

They feature modern interiors, improved seating, better lighting, USB and plug sockets at every seat, enhanced Wi-Fi, and real-time travel information.

  • Bi-mode operation: uses electric power on electrified sections, switching to diesel when needed.

  • Lower emissions: significantly reduced particulate matter compared to older diesel fleets.

The Aurora fleet enhances connectivity, supports economic growth, and strengthens the long-term performance of the rail network. By replacing older rolling stock, it improves punctuality, journey quality and service capacity for millions of passengers.

Accreditations

Our trusted accreditations

Recognised by leading industry bodies, our accreditations reflect our commitment 
to quality, safety, and sustainability in every project we deliver.

ISO 9001
Cyber Essentials Certified

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