SEC Filing Document

Company: ERock, Inc.
Ticker: 
CIK: 2110029
Filing Type: DRS/A
Document Type: DRS/A
Date Filed: 2026-04-01
Accession Number: 0001193125-26-138217
Exchange: 
SIC Code: 3620
SIC Description: Electrical Industrial Apparatus
URL: https://www.sec.gov/Archives/edgar/data/2110029/000119312526138217/filename1.htm

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between required power capacity and the speed at which new supply can be added is widening. Data center construction timelines are 2 to 3 years, while grid and generation infrastructure Table of Contents typically require 4 to 8 years, creating a structural mismatch. Long interconnection queues and scarce generation equipment further slow progress; global turbine deliveries now face multi-year lead times, risking commissioning delays beyond 2030. As a result, U.S. hyperscalers and utilities increasingly seek near-term, scalable solutions, with natural-gas generators identified by the IEA as a leading dispatchable source supporting rising AI and electrification demand. The IEA reports that natural gas is expected to expand by 175 TWh globally to meet data center load through 2035, with most of this growth occurring in the U.S. Solutions that can be deployed quickly, provide firm capacity and integrate into existing infrastructure are crucial to closing the speed-to-power gap. Potential Market Opportunity

The United States is entering a period of unprecedented electricity demand growth, driven by accelerating adoption of AI-enabled data centers, industrial reshoring, transportation electrification and building electrification. NERC estimates that over the next 10 years, North American summer and winter peak electricity demand is
projected to increase by over 224 GW and 245 GW respectively, representing the fastest growth since NERC’s tracking started in 1995. NERC identifies new data centers for artificial intelligence and the digital economy as the primary drivers of
this surge in demand, noting the concern that the pace of resource additions has been too slow to meet demand growth. NERC estimates 190 GW of Tier 2 or other resources would need to complete the interconnection planning process and reach commercial
operations to meet the expected peak demand growth of nearly 250 GW over the next 10 years. While interconnection queues continue to grow, uncertainty surrounds the timing and amount of resource additions. In parallel, the generation mix is expected
to become increasingly intermittent and weather-dependent as older fossil-fired units retire and are sometimes replaced by non-dispatchable resources. NERC reports that the anticipated shortfall in capacity,
which is complicated by swelling interconnection queues and an increasingly variable resource mix, creates a significant near- and medium-term opportunity for scalable, rapidly deployable, dispatchable solutions capable of addressing both
(i) bridge power needs in regions with multi-year interconnection delays and (ii) ongoing capacity support for grid operators facing shrinking reserve margin.

Source: North American Electric Reliability Corporation

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Several U.S. markets, such as Texas and California, face especially
acute reliability risks. Texas already shows rapid load growth pressures tied to data centers and industrial expansion, while California faces grid congestion, long interconnection queues and above-average
vulnerability to extreme heat and weather-driven outages. Additionally, supply-chains for critical grid components are showing strain. GE Vernova, Siemens Energy and Mitsubishi Power, which supply turbines for
roughly two-thirds of the gas-fired power plants under construction globally, as reported by the IEA, are facing extensive backlogs and turbine delivery timelines of as long as eight years according to the
Institute for Energy Economics and Financial Analysis. The IEA highlights that order backlogs for transformers grew by more than 30% in 2024, after two years of growth above 15%. In combination with these pressures, the current market dynamics
illustrate a growing divergence between the rapid acceleration of load growth and the comparatively slow pace of utility-scale infrastructure development.

Source: North American Electric Reliability Corporation

We are well positioned to deliver on the significant market demand for dispatchable, resilient and cost-effective power
solutions that can be quickly deployed and commissioned. Through delivering 99.999% reliability and the capability to deliver in less than six months, with full project commissioning typically achieved within 12 to 18 months from contract signing,
we provide one of the few scalable solutions capable of addressing near-term capacity needs, particularly in high-growth regions like Texas and California. As natural
gas remains a critical firm resource supporting renewable integration, our modular, low-emission solutions enable hyperscale data centers, industrial facilities and utilities to procure reliable, firm power at substantial scale, often reaching
several hundred megawatts or over a gigawatt, without the prolonged lead times inherent in traditional transmission expansion. This combination of speed, reliability and flexibility positions us to capture significant share in an increasingly capacity-constrained U.S. power market.

Our Power System Solutions

We are uniquely positioned to address the massive, fast-growing and complex market for speed-to-power, dispatchable capacity and resiliency solutions. Our power systems are delivered through our ERock Platform, which provides our customers a single partner across the entire life cycle of our
power systems and differentiates us from our competitors. Our ERock Platform is anchored by leading natural gas engine and generator technology for multi-function onsite generation and combines this core technology with comprehensive, turnkey ESI
services—a full-service offering that includes system design, site selection, planning and modeling, interconnection assistance, gas supply, permitting, construction and commissioning. Once operational, our ERock Platform offers O&M and
dispatch capabilities that leverage extensive historical operational data capture, real-time monitoring and predictive diagnostics to optimize power system performance, while our remote

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operations center enables asset-level or aggregated dispatch, scheduled maintenance coordination and electricity and gas market integration to help maximize the value customers can capture using
these systems. These integrated solutions and capabilities allow our power systems to be rapidly deployed, serve initial bridge power needs and, after grid interconnection, provide dispatchable capacity and/or reliable long-duration backup power
throughout the remaining useful life of our systems, as discussed below. For more information regarding the services delivered through our ERock Platform, see “—Our Services.”

Rapid Deployment of Reliable, Dispatchable Power

We offer a rapid path to connect large electricity loads, such as data centers and C&I customer manufacturing facilities,
to power. Our power systems enable customers to quickly deploy a distributed bridge power solution that provides faster access to reliable power through and beyond full grid interconnection. We have assembled and delivered our power systems in as
little as six months, with full project commissioning typically achieved within 12 to 18 months from contract signing. We also have a track record of interconnecting multiple >50MW systems in 12 to 18 months from contract signing, subject to site
conditions. Leveraging our high-volume standardized assembly model, we can stand up over 1.2 GW of annual available capacity in approximately 12 months with limited incremental capital expenditures.

Illustrative Time to Market for Various Grid Technologies

Source: EPRI, Reconciling the Value of Grid Interconnection and Speed-to-Power: Strategies for Powering
Data Centers in the AI Era

Our rapid deployment capability supports businesses and utilities seeking cost-effective power
continuity and resilience in an increasingly dynamic energy landscape and enables customers to access power during lengthy utility interconnection timelines to maintain project schedules. At up to two times the cost of our power systems, traditional
and bespoke natural gas generation projects can take 60 to 84 months to deploy. At up to three times the cost of our power systems, natural gas fuel cells lack the dispatch capability of our power systems and typically have larger footprints, which
can impact installation timelines. Solar and wind projects often require three years or more to deploy and are not capable of delivering reliable, dispatchable power like our

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power systems due to the inherent intermittency of sun and wind power sources. Even when paired with batteries, solar and wind remain limited in their ability to deliver dispatchable power
because current battery technology cannot reliably satisfy the amount, duration or quality of electrical power required by large, often continuous or highly sensitive loads. In certain configurations, ERock systems can facilitate earlier access to
grid interconnection compared to traditional standalone processes. In addition, our systems may serve as grid-support assets during peak demand or scarcity events, which can enhance project economics and contribute to local grid reliability.
However, interconnection outcomes vary by jurisdiction and remain subject to utility and regulatory approval. Regulatory frameworks are evolving to support co-located generation and large loads. On December 18, 2025, FERC directed PJM
Interconnection to establish transparent rules to facilitate service for large loads co-located with generation, including creating new transmission service options and clarifying interconnection procedures to address reliability and consumer-cost
concerns associated with rapidly growing load. Similar programs are being deployed in ERCOT and pursued in other markets.