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Buoyed by $1.3B sales backlog, microgrid company ERock files for IPO
Another energy company in Houston is going public amid a flurry of energy IPOs.
Houston-based ERock Inc., which specializes in utility-grade onsite microgrid systems for data centers and other customers, has filed paperwork with the U.S. Securities and Exchange Commission (SEC) to sell its shares on the New York Stock Exchange.
The ERock filing follows the recent $1.9 billion IPO of Houston-based Fervo Energy, a provider of geothermal power that’s now valued at $7.7 billion.
Another Houston energy company, EagleRock Land, just went public in a $320 million IPO that values the company at $3 billion. EagleRock owns or controls about 236,000 acres in the Permian Basin, earning money from royalties, fees, easements, water services and other revenue streams tied to drilling on its land.
According to Barron’s, more than a dozen energy and energy-related companies in the U.S. have gone public since the beginning of 2025, with the bulk of the IPOs happening this year.
ERock’s SEC filing doesn’t identify the per-share pricing range for the IPO or the number of Class A shares to be offered. ERock is a portfolio company of Energy Impact Partners, a New York City-based venture capital and private equity firm that invests in energy companies.
The company previously did business as Enchanted Rock. ERock Inc., formed in January, will function as a holding company that controls predecessor company ER Holdings Ltd.
In 2025, ERock generated revenue of $183.1 million, up 42.5 percent from the previous year, according to the IPO filing. It recorded a net loss of $59 million last year.
As of March 31, ERock boasted a sales backlog of nearly $1.3 billion, up 779 percent on a year-over-year basis. The company attributes most of that increase to greater demand from data centers.
The company primarily serves the power needs of data centers, utilities, industrial facilities, and commercial buildings. Its biggest markets are Texas and California.
“Several U.S. markets, such as Texas and California, face especially acute reliability risks,” ERock says in the SEC filing. “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.”
Since its founding in 2018, ERock has installed microgrid systems at more than 400 sites with a capacity of about 1,000 megawatts. Customers include ComEd, Foxconn, H-E-B, Microsoft and Walmart.
By the end of this year, the company plans to expand its production of microgrid systems to a capacity of about 1.2 gigawatts with the opening of its Hyperion facility in Houston.
John Carrington leads ERock as CEO. He joined ER Holdings last year as chairman and CEO. Carrington previously was CEO of Houston-based Stem, a public company that offers AI-enabled clean energy software and services. Earlier, he spent 16 years at General Electric.