SEC Filing Document

Company: ERock, Inc.
Ticker: 
CIK: 2110029
Filing Type: DRS
Document Type: DRS
Date Filed: 2026-02-17
Accession Number: 0001193125-26-054926
Exchange: 
SIC Code: 3620
SIC Description: Electrical Industrial Apparatus
URL: https://www.sec.gov/Archives/edgar/data/2110029/000119312526054926/filename1.htm

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H-E-B by six times to over 240 locations. We are proud to support our customers’ growth with a multi-purpose asset that not only supports reliable operation but also provides meaningful energy value across their portfolios through the reduction in the cost of power and potential for additional revenue. As of December 31, 2025, we support six distribution centers and hundreds of retail sites and provide our C&I customers with a comprehensive service offering, including site selection, permitting, ESI, O&M and asset management. Customer Case Studies The examples below illustrate how customers have used our power systems and services across a range of applications. The selected case studies include data center, utility and C&I environments and reflect real-world deployments at scale. Together, they demonstrate how customers have achieved faster deployment timelines, improved reliability and resiliency, enhanced grid stability, cost efficiency and solutions tailored to their specific operational needs. Table of Contents

Speed-to-Power: Large Independent Power
Producer. We are a preferred partner for hyperscale and enterprise data centers, providing rapid deployment of scalable, utility-grade backup and bridge power solutions. We are partnering with a leading independent power producer to deliver
1,200 MW of capacity for a data center in order to accelerate deployment and back-up power after grid connection. Our ability to provide rapid deployment of scalable, utility-grade backup and bridge power led
to an agreement in November 2025 with this independent power producer to provide a total of 2,676 generators and 1.2 GW of nameplate generation, representing nearly $1 billion in revenue. Once the site has firm utility power, the Enchanted Rock
power system is expected to transition to a dispatchable power configuration or potentially be used to augment grid power.

Grid Stability/Affordability: Regulated Utility. Utilities leverage our distributed power generation assets to address
rate pressure, grid stability, reliability and emergency backup, and capacity constraints and demand response. We are partnering with a regional electric utility that is working to serve a data center campus targeting a total compute capacity of
over 1 GW. Due to our dispatchable, cost-effective capacity that helps utilities avoid costly infrastructure upgrades, in October 2025, we signed a generator purchase agreement with this regional electric utility to provide a total of 813 generators
and 366 MW of generation, representing $290 million in revenue. Our power system will operate as a front-of-the-meter power plant, providing prime power until a new substation can be completed. Once the site has firm utility power, the
Enchanted Rock power system is expected to transition to serve as peaking capacity for the regional electric utility, strengthening grid flexibility and reliability.

Cleaner Resiliency and Grid Flexibility: Microsoft. Our distributed power system project with Microsoft Corporation in
San Jose, California is engineered to deliver 60 MW of high-availability resiliency for data center operations while also providing grid stabilization services to CAISO during periods of reduced reserve margins. Once operational, this power system
will be capable of dispatching power with less than 15 minutes’ notice by transitioning the data center’s electricity imports from the grid to zero, thereby freeing capacity to support the grid. As the power system operates on a
consistent supply of natural gas, we expect to perform these Grid Support Events, subject to customer operating requirements and applicable regulatory, interconnection and market constraints. In addition, through the use of renewable natural gas
offsets, the onsite power operation is designed to achieve a net-zero carbon profile.

Speed-to-Power: Wistron. Wistron, a
manufacturer of AI servers for hyperscalers such as Meta and Google, is under pressure to deliver AI computing power on compressed timelines to support the rapid growth of AI computing. We were uniquely positioned as a flexible, low-emissions solution that could meet both the rapid timeline and local permitting requirements for their 24/7 operations, and in May 2025, we signed a generator purchase agreement with Wistron to provide 21
generators and 9.5 MW of bridge power generation. The Enchanted Rock power system will act as a crucial provider of operational continuity.

Resilience: Walmart and H-E-B. Our
power systems are designed for continuous, fault-tolerant operation, deliver reliable power when the grid is not available and are trusted by blue-chip clients to provide backup power with lower emissions and noise than diesel alternatives. The
resiliency of our power systems enables customer success and growth, and is particularly important for large C&I customers such as Walmart and H-E-B. Since 2016, we
have delivered over 1,000 generators and over 450 MW to these customers. Our full-service, reliable power offering that can be sited in small footprints and emissions-sensitive communities make our offerings a compelling solution for C&I
customers.

White Label Utility Partnership: Entergy. We have partnered with Entergy Corporation under a white
label program to provide generation equipment, ESI services and O&M services for a growing portfolio of Entergy’s C&I customers participating in its Power Through resiliency services program. Through this partnership, we support
hospitals, industrial operations, data centers, educational institutions and grocery and distribution centers—by delivering reliable onsite power solutions. Entergy utilizes our distributed generation systems to help meet its resource adequacy
requirements and incorporates them into its broader dispatchable resource portfolio.

Table of Contents

Contractual Arrangements

Power System Sales Contracts. We supply generators for power generation projects throughout the United States under
various equipment purchase agreements. These agreements are typically coupled with installation agreements for services related to our generators. Under our master ESI agreements, we serve as general contractor for the design, construction and
commissioning of generators on a fixed-price basis. Title to the generators transfers to the customer upon completion of factory acceptance testing and payment of the applicable milestone amount, and title to any other portion of the project work
transfers to the customer upon payment for that portion of the project work. Typically, our affiliate, Enchanted Rock, LLC, will subsequently provide ongoing maintenance and operational services pursuant to separate O&M and asset management
contracts. Our ESI agreements are generally structured such that customers pay a percentage of the contract price at execution, additional percentages upon the achievement of specified milestones, such as equipment delivery and installation,
substantial completion and the remaining balance upon successful completion of testing and commissioning. Generally, our ESI agreements may be terminated by customers at any time, 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