EROC: Initiating Coverage With A Buy Rating And A $23 Price Target

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EROC: Initiating Coverage With A Buy Rating And A $23 Price Target

July 6, 2026

Joseph Osha, CFA joseph.osha@guggenheimpartners.com EROC: Initiating Coverage With A Buy Rating And A

415 852 6468 $23 Price Target

Michael Stratoti, CFA

michael.stratoti@guggenheimpartners.com

212 518 9308 Key Message: We are initiating coverage of ERock, Inc. (EROC) with a Buy rating and

a $23 price target.

ERock, Inc. (EROC) is a distributed natural • A Distributed Natural Gas Power Provider.

gas power provider with a commercially viable fast-start platform, having deployedEROC BUY 330+ microgrids across 9 states and 4 RTOs since founding in 2006. The company

ERock, Inc. has built a $1.3B backlog anchored by hyperscaler and blue-chip customers. EROC's

Sector: Industrial Technology ERT500 fast-start system delivers a 10-second cold start to full load, combined with

the proprietary GraniteEcosystem software platform capturing fleet telemetry, a >95% Initiating Coverage services attachment rate, and a 100% historical customer renewal rate. We believe that

Share Price $15.47 EROC has begun to create a sustainable, competitively differentiated business despite

Price Target $23.00 the company’s relatively small size.

Intermittent renewables • A Logical, Scalable Solution For Behind-The-Meter Power.

and grid-tied capacity cannot meet hyperscaler reliability requirements alone, in our view;

Revenue ($B) EROC's behind-the-meter platform delivers dispatchable baseload power with diesel- (FY DEC) 1Q 2Q 3Q 4Q FY

equivalent transient response, a small footprint and lower emissions compared to diesel. 2025 0.0 0.1 0.0 0.1 0.2

Microsoft and Meta have already committed as anchor offtakers, validating EROC as a

2026 0.0E 0.0E 0.2E 0.2E 0.5E credible firm power solution for AI workloads.