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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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 Table of Contents 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 eight states and four major RTOs, with approximately 1,000 MW in deployed operating assets with an estimated current replacement value of approximately $1.4 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 $1.4 billion in deployed operating assets and approximately $1.2 billion in Contracted Power System Sales Backlog as of December 31, 2025
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.

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Our Primary End Markets

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.

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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 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.

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 ERock 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 ERock
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.

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