SEC Filing Document

Company: ERock, Inc.
Ticker: 
CIK: 2110029
Filing Type: DRS/A
Document Type: DRS/A
Date Filed: 2026-04-24
Accession Number: 0001193125-26-177695
Exchange: 
SIC Code: 3620
SIC Description: Electrical Industrial Apparatus
URL: https://www.sec.gov/Archives/edgar/data/2110029/000119312526177695/filename1.htm

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subject to specified payments, or by us in the event of a customer default or sustained force majeure event. O&M and Asset Management Contracts. We provide ongoing maintenance and operational services to the large majority of our ESI customers once installation of our power systems is complete. We also maintain service agreements under which we provide maintenance on a 24/7/365 basis. Certain of these agreements have terms of several years, while others extend for more than two decades. Invoices are submitted directly to customers, and compensation typically includes a fixed service fee and, in some cases, a fee based on the financial performance of the power systems, with additional amounts payable on a per-work-order basis. These agreements generally may be terminated by us or our customers upon advance written notice, provided that each party remains responsible for payment or services performed from the notice date through the effective termination date.

Vendor Contracts.
In the ordinary course of our business, we purchase engine components and other products necessary for the assembly of our generators, transformers and switchgears. These agreements generally include fixed volume commitments at fixed prices and have
multi-year terms. We also enter into agreements with natural gas providers to supply our customers’ generators with natural gas and, in such cases, we pass through the costs of such arrangements onto the customer. In addition, in the ordinary
course of business we enter into agreements with subcontractors to support the performance of certain of our ESI services. These agreements typically range from one to five years and may only be terminated under certain circumstances such as
insolvency, uncured material breach, force majeure, or the supplier’s failure to meet its minimum commitments.

Warranties. We generally provide warranties that all work performed and materials provided will be free from defects
for a period of 12 months following substantial completion of our generators. In the event defects are identified, we will repair or replace the affected components as necessary. Warranties do not extend to damages resulting from misuse, accident,
abuse or negligence. We also offer customers the option to buy extended warranties.

Competition

We primarily compete with companies that offer onsite or distributed power generation technologies, including reciprocating
engine generators, turbines and fuel cells. In a more limited set of cases, customers will also consider alternatives such as renewable energy generation, battery storage, geothermal energy generation, nuclear energy generation and fuel cells. We
believe we compete favorably with such competitors based on our superior bridge, backup and dispatch power applications, rapid deployment, lower total cost of ownership and integrated services platform, which includes differentiated elements such as
turn-key original equipment

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manufacturer (“OEM”), ESI and O&M services and 24/7 network operations center, market operations and settlement. Customers generally lack a single alternative solution that
provides all of these important attributes in one platform. We believe that our economic value proposition will continue to improve as load continues to grow and grids increasingly need dispatchable generation that can operate for long durations.
Importantly, our power system solutions are designed to supplement the grid, not compete with or replace the grid, so we generally view utilities and ISOs as partners rather than competitors.

Sources of competition include:

• Gas reciprocating engines . Reciprocating internal combustion engines powered by natural gas that
generate electricity onsite are widely available and low cost and typically used for backup power, load balancing or combined heat and power applications. Larger engines typically require greater oversizing for N+1 reliability and present emissions
and noise challenges that limit their suitability for large-scale, always-on mission-critical loads. We believe we compete favorably with such technology as our power systems are lower cost, faster starting and provide low variation in electrical
voltage and frequency using a rich-burn combustion process that eliminates the costly addition of selective catalytic reduction systems for emissions control or battery energy storage for power quality management.

• Small gas turbines (3-30 MW) . Small-scale gas turbines operate
on carbon-based fuels such as natural gas or diesel and offer high power density but often have slower start times, efficiency losses from altitude and temperature conditions and long procurement and permitting cycles, making them less suited for
fast-response distributed applications requiring modular scalability. Such turbines also often require greater equipment redundancy to achieve comparable availability for large data-center and other mission-critical customers. We believe we compete
favorably with such technology as our power systems provide faster starting, better voltage and frequency management, and do not require high pressure fuel supply for operations, which enables faster construction cycles since distribution pressure
gas are more common near customer facilities.

• Traditional backup equipment . Traditional backup systems, such as diesel generators, are common for
serving customers during grid outages, but face increasingly restrictive emissions limits, fuel supply-chain vulnerabilities during disasters and provide limited to no economic value outside rare outage events. We believe we compete favorably with
such technology as our power systems provide multiple value stream including backup and grid stabilization services and match technical performance of diesel backup generation without the noise, emissions, and vulnerability to over the road fuel
deliveries during emergencies.

• Commercially available fuel cells . There are a variety of commercially available fuel cells capable of
providing energy storage as a power source, including proton exchange membrane fuel cells, molten carbonate fuel cells, phosphoric acid fuel cells and solid oxide fuel cells. Commercial fuel cells can offer low-emission baseload power but typically
involve higher capital expenditures, limited transient response, and significant ongoing maintenance costs, reducing their suitability for large-scale resiliency or fast-response dispatch applications. We believe we compete favorably with such
technology as our power systems are lower cost, have higher power density to reduce space requirements, are fast starting and can ramp to follow loads, while maintaining low variability in voltage and frequency.

• Combined-cycle plants . Combined-cycle facilities use both gas and steam turbines to increase total
electrical output from the same fuel input. While efficient at utility scale, these plants are not designed for onsite resiliency, rapid deployment or customer-specific load support. Accordingly, these plants achieve high fuel efficiency but are
large, long-dated utility assets that do not address customer-level resiliency, speed-to-power or behind-the-meter load support needs. We believe we compete favorably with such technology as our power systems can deploy much faster in 18-24 months and can provide much faster starting operation to meet backup power requirements and support grid emergencies.

• Traditional co-generation systems . These systems deliver a
combination of electric power and heat and are optimized for facilities with constant thermal loads and therefore struggle to provide flexible, high-

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availability electric capacity required for data center and industrial customers. We believe we compete favorably with such technology as our power systems are designed to provide grid stability
and backup services sized to meet the electrical requirements of the customer, without the added cost and requirements of thermal heat recovery and distribution.

• Utility scale simple cycle gas turbines . These very large turbines are designed to serve the ISO or the
broader grid rather than individual customer facilities and cannot address customer-specific reliability, speed-to-power requirements or transmission and distribution cost avoidance opportunities. We believe we compete favorably with such technology
as our power systems are modular for faster deployment and can be located at or behind the customer meter to provide the same grid stabilization services, but with faster start times and without the dependency on grid interconnection queues, and the
resulting grid upgrade costs.

• Battery storage . There are a variety of commercially available energy storage solution products capable
of providing energy storage as a power source. Battery storage is effective for short-duration time shifting of loads but cannot cost-effectively deliver multi-hour to multi-day firm capacity or support large loads during extended outages or grid
emergencies without substantial and expensive oversizing and the resulting space requirements. We believe we compete favorably with such technology as our power systems provide fast start energy generation without duration limits due to continuous
fuel supply from the underground gas pipelines network.

• Alternative power generation. We also compete with producers of renewable power combined with battery
storage solutions, geothermal power solutions, and emerging modular nuclear power solutions. Such alternative generation technologies face constraints such as intermittency, specialized siting requirements, or long development timelines, making them
less able to meet near-term onsite resiliency and speed-to-power needs. We believe we compete favorably with such technology, and in some cases can supplement existing operations, as our power systems can provide firm, dispatchable capacity that
matches the full load requirements of our customers and require much less space.