SEC Filing Document

Company: ERock, Inc.
Ticker: 
CIK: 2110029
Filing Type: S-1
Document Type: S-1
Date Filed: 2026-05-15
Accession Number: 0001193125-26-227199
Exchange: 
SIC Code: 3620
SIC Description: Electrical Industrial Apparatus
URL: https://www.sec.gov/Archives/edgar/data/2110029/000119312526227199/d12401ds1.htm

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successful completion of testing and commissioning. Ongoing Services Revenues. After installation and commissioning, we enter into long-term service agreements for O&M and asset management services. Our typical services contracts range from 5 to 15 years and include both preventative and corrective services. These contracts typically include remote monitoring, preventive maintenance, rapid response and warranty support. Asset management contracts may also cover Table of Contents dispatch optimization, market participation and regulatory compliance. Recurring service fees are billed monthly for the duration of the contract and include 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. The weighted average term of our O&M and asset management services agreements is approximately 10 years. To date, none of our customers have terminated or failed to renew our O&M or asset-management services. Our Marketing and Sales Strategy

We target customers across the United States, in data centers, utilities and C&I
sectors. Our marketing and sales strategy is designed to align customer acquisition with clear product-market fit, emphasizing quality over volume at the top of the funnel.

Integrated Marketing Strategy. Our integrated marketing strategy centers on top of funnel activities to increase brand
and solution awareness using precise market segmentation, industry targeting, thought leadership, and differentiated product positioning. The Company focuses on geographic markets that offer economic value for distributed generation and exhibit grid
instability or capacity constraints, including ERCOT, CAISO, PJM, MISO, SPP, WECC and other regulated utility regions. Within these markets, marketing efforts prioritize large load industries like data centers and manufacturing that have near-term
capacity requirements as well as outage-sensitive industries such as water infrastructure, healthcare, grocery, process manufacturing, distribution and transportation, particularly customers with site portfolios of 50 MW or greater and loads
exceeding 1 MW per site. This targeting is reinforced by a differentiated value proposition that emphasizes our bridge-to-backup and “Resiliency-as-a-Service” approaches, cost savings, turn-key delivery, proprietary clean and quiet generator design,
rapid deployment, 24/7 network operations center and technology enabled operations and maintenance support.

Lead
Generation Sources. Lead generation is diversified across multiple channels, with an emphasis on relationship-driven outreach supported by digital marketing with webinars, social media, web search and industry events. Historically, the majority
of our leads have been generated through sales outreach, preexisting relationships, events and webinars, and partner sourcing, including complimentary service providers and utilities. This approach reflects a deliberate focus on higher-quality,
relationship-based leads from targeted accounts while still maintaining a balanced inbound and outbound presence.

Sales Approach. We focus on process-driven sales execution to achieve the right customer mix, sales progression of
qualified opportunities and maintaining sufficient activity to support future pipeline growth. We organize direct sales personnel based on sector and industry with experience in these targeted industries. We also team with utilities through white
label programs or joint resiliency solutions. In general, we apply margin and minimum account opportunity size thresholds and ideal customer profiles, supported by sales qualification tools and training around customer pain points, decision timing,
competitive positioning and tailored value propositions. To achieve sustained momentum, management emphasizes accountability for pipeline activity and prioritization of the best opportunities based on project economics (including target margin and
customer credit worthiness), size, timing and likelihood to close, supplemented by structured support and cadence programs to create urgency.

Pricing and Contract Strategy. Pricing for our solutions reflects market-driven factors, including project cost, target
margins, account growth potential and contract volume. We focus on structuring contracts to align with customer preferences for asset ownership or managed services, including by delivering the lowest total net cost of ownership, highest system
performance or fastest speed-to-power compared to alternative technologies. Contract terms typically include equipment sales, engineering, procurement and construction
services and ongoing operations and maintenance.

Our Customers and Markets

We serve customers across the United States, with a proven track record in data centers, utilities and C&I sectors. Our
geographic footprint spans nine states and four major RTOs, with approximately 1,000 MW in

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deployed operating assets with an estimated current replacement value of approximately $1.5 billion. Our proprietary generator and software technology platform is trusted by leading
enterprises and utilities to deliver reliable, dispatchable, and cost-effective power across a rapidly expanding footprint.

Our Key Highlights of Deployed Assets and Contracted Power System Sales Backlog

Our first distributed power system was commissioned in 2011 and since then our operations have grown to approximately 400
operational sites, with approximately 1,000 MW deployed operating power systems, approximately $1.5 billion in deployed operating assets and approximately $1.3 billion in Contracted Power System Sales Backlog as of March 31, 2026
representing approximately 3x faster growth than the market from 2024 to 2025.

With over 15 years of experience, we
operate and are under construction in major electricity market areas including CAISO, ERCOT, MISO, PJM and WECC. In each of these regions, our distributed power systems are designed to provide resiliency and grid stabilization services from a
variety of configurations behind-the-meter and
front-of-the-meter and in competitive retails markets as well as vertically integrated utility services areas. Our distributed
power systems are interconnected at investor owned and public power electric utilities.

In addition, several of these
markets are pursuing “Bring Your Own Generation” strategies to accelerate interconnection and minimize impacts of large loads on the affordability and reliability of existing infrastructure. Our distributed power systems, typically paid
for by the large loads themselves, can meet the requirements for accredited capacity and load curtailment that may be imposed as a condition of accelerated interconnection, which reduces the need for significant investments by local utilities for
additional capacity.

Our Primary End Markets

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Data Centers (Speed-to-Power). We partner with hyperscale and “colocation” data centers, providing rapid deployment of scalable, utility-grade backup and bridge power solutions. Our technology enables data
centers to accelerate site commissioning, meet stringent reliability, sound and emissions requirements while supporting AI-driven load growth. We can provide power generation solutions for data center
customers that enables fast-track data center construction and operation with prime power, ability to accelerate access to grid interconnection, prescribed flexibility and revenue generating grid services, and supports 24/7 reliable
operations—all from a single generator technology platform, our ERock Platform, across the lifecycle of a data center buildout and operation.

Utilities (Grid Stability and Cost-Effective Capacity Expansion). Utilities leverage our distributed power generation
assets to address rate pressure, grid stability, reliability and emergency backup, and capacity constraints and demand response. Our power systems offer dispatchable, cost-effective capacity that helps utilities avoid costly infrastructure upgrades
and respond to regulatory demands for cleaner, more resilient power and supports overall grid stability during peak demand or scarcity events. We also have proven partnerships with major utilities in storm-prone and high-growth regions. We offer our
solutions through turnkey system sales, in which we design, deploy and operate our power systems as fully integrated, customer-ready offerings, under white-label arrangements that allow our customers (e.g., a utility) to present these systems as
part of their own branded energy solutions. We also enter into capacity offtake agreements that are structured to reflect the high availability and performance of our aggregated portfolio of distributed generation assets. In addition, our
longstanding relationships with utilities help large loads navigate the interconnection process and meet the technical and contractual requirements necessary to secure flexible conditional firm interconnections, creating a meaningful speed-to-power
pathway for rapid deployment and earlier access to reliable capacity.

Commercial and Industrial (Resilience).
C&I customers—including retailers, manufacturers, healthcare providers, logistics companies and government entities—rely on us for resilient backup power and operational continuity as well as cost savings from grid services like peak
demand reduction. Our power system solutions help protect critical infrastructure and enterprise operations from power outages and other grid disturbances, reduce emissions and support sustainability goals compared to traditional resilience
solutions, such as diesel.

We have established a proven land-and-expand strategy in this end market, beginning with
initial pilot installations that demonstrate reliability, value and ease of integration and subsequently scaling those relationships into broader regional and state-wide deployments. For example, with several multi-site customers—including
Walmart and H-E-B—we initially deployed pilot power systems at a limited number of locations before expanding to multiple sites region- and state-wide. From 2019
through 2025, we increased our deployed operating assets at Walmart by 26 times to over 130 locations, and, from 2017 through 2025, we increased our deployed operating assets at
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 March 31, 2026, we support 8 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