Atlas Energy (NYSE: AESI) secures 1.4 GW Caterpillar power assets in $840M pact

Rhea-AI Filing Summary

Atlas Energy Solutions Inc. entered a Global Framework Agreement with Caterpillar Inc. under which Caterpillar will reserve approximately 1.4 gigawatts of incremental power generation equipment for Atlas through December 31, 2030. Atlas, through its subsidiary ProjectCo, committed to an initial aggregate purchase obligation of about $840 million, with pricing subject to capped annual escalations and other adjustments.

Atlas will pay a $5 million annual capacity deposit starting in 2027, credited against equipment purchases, and orders will be placed via Caterpillar dealers using rolling demand forecasts. A related press release states that orders are scheduled for 2027–2029 and that, with successful deployment, Atlas forecasts owning and operating roughly 2.0 gigawatts of power generation assets by 2030 to support its private grid and distributed power strategy.

Positive

• Secured large-scale power capacity: Atlas obtained approximately 1.4 gigawatts of reserved Caterpillar generation equipment, supporting a forecast to own and operate about 2.0 gigawatts of power assets by 2030 for private grid and distributed power projects.
• Structured long-term supply and pricing: The Global Framework Agreement provides multi‑year equipment access with capped annual price escalations and reserved manufacturing capacity, which can support more predictable project execution and economics in a constrained power equipment market.

Negative

• Significant long-term purchase obligations: The agreement includes an initial aggregate purchase obligation of about $840 million and annual $5 million capacity deposits from 2027, with potential requirements to buy un-reallocated equipment, increasing capital commitment and execution risk.
• Exposure to regulatory and market risks: Forward-looking statements highlight dependence on growth in private grid power demand, favorable regulation, customer uptake, and commodity price conditions, any of which could affect returns on the planned power generation build-out.

Insights

Energy infrastructure & capital allocation analyst

Atlas locks in $840M of Caterpillar generation to scale private grid business.

Atlas is committing to an initial aggregate purchase obligation of about $840 million for roughly 1.4 gigawatts of Caterpillar power generation equipment through 2030. This underpins its push into distributed power and private grid systems beyond its core proppant and logistics operations.

The agreement includes capped annual price escalations and $5 million annual capacity deposits starting in 2027, which help balance cost visibility with sizeable long-term capital commitments. If Caterpillar cannot reallocate un-ordered equipment in a given year, ProjectCo must still purchase it, adding take-or-pay-style risk.

The accompanying presentation and press release highlight Atlas’s goal to own and operate about 2.0 gigawatts of generation assets by 2030, targeting middle-market private power users and bridge-to-long-term applications. Actual financial impact will depend on project awards, deployment timing, and how effectively Atlas converts this secured capacity into contracted, long-duration cash flows.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 4, 2026

Atlas Energy Solutions Inc.

(Exact name of Registrant as Specified in Its Charter)

Delaware			001-41828	93-2154509
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
5918 W. Courtyard Drive Suite 500
Austin, Texas				78730
(Address of Principal Executive Offices)				(Zip Code)

Registrant’s Telephone Number, Including Area Code: (512) 220-1200

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common stock, par value $0.01 per share		AESI		New York Stock Exchange
				NYSE Texas, Inc.

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry Into a Material Definitive Agreement.

On March 4, 2026 (the “Effective Date”), Atlas Energy Solutions ProjectCo, LLC (“ProjectCo”), a Texas limited liability company and an indirect wholly owned subsidiary of Atlas Energy Solutions Inc. (the “Company”), a Delaware corporation, entered into the Global Framework Agreement (the “GFA”) with Caterpillar Inc. (“Caterpillar”) pursuant to which Caterpillar will reserve approximately 1.4 gigawatts (“Reserved Capacity”) of incremental power generation equipment (the “Equipment”) and ProjectCo will commit to purchase the Equipment from certain Caterpillar authorized dealers (“Participating Dealers”) based on ProjectCo’s monthly demand forecast beginning on the Effective Date and ending on December 31, 2030 (the “Term”) for an initial total aggregate purchase obligation of approximately $840 million. The initial purchase price for the Equipment is subject to adjustments including annual escalations capped at 8% per year, shipping and transportation and adjustments for tariffs effecting the cost of the Equipment. ProjectCo must pay an annual capacity deposit of $5 million (“Advanced Payment”) in June of each year, beginning in 2027, which will be credited towards the purchase price of Equipment. Payment for the Equipment is structured in customary installments.

The GFA may be extended by mutual agreement and each purchase of Equipment will be under equipment supply agreements between ProjectCo and a Participating Dealer on terms consistent with the GFA.

If ProjectCo’s forecasted demand increases, ProjectCo may request an increase in Reserved Capacity, which Caterpillar may grant in its sole discretion. If, in any year during the Term, ProjectCo does not order 100% of its purchase obligations by the designated order deadline, Caterpillar must use its best efforts to reallocate the Equipment to other customers or Caterpillar dealers and, if such reallocation efforts are successful, ProjectCo will be excused from its purchase obligation with respect to such reallocated Equipment. If Caterpillar is unable to reallocate any of the Equipment, ProjectCo must purchase such Equipment.

ProjectCo may terminate or be excused from its purchase obligation under certain circumstances, including but not limited to, if a change in law occurs after the Effective Date that prohibits or makes illegal ProjectCo’s performance under the agreement or use of the Equipment.

The foregoing description of the GFA does not purport to be complete and is qualified in its entirety by reference to the full text of the GFA, a copy of which will be filed as an exhibit to our next Quarterly Report on Form 10-Q.

Item 7.01 Regulation FD Disclosure.

On March 10, 2026, Atlas Energy Solutions Inc. (the “Company”) issued a press release announcing entry into the GFA. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference into this Item 7.01.

Also on March 10, 2026, the Company posted an investor presentation on its website. The presentation, titled “Distributed Power Presentation,” may be found at http://ir.atlas.energy in the “Presentations” section under the “News & Events” tab on the Company’s Investor Relations webpage. A copy of the presentation is attached hereto as Exhibit 99.2.

In accordance with General Instruction B.2 of Form 8-K, the information contained in this Current Report on Form 8-K under this Item 7.01 is deemed to be “furnished” solely pursuant to Item 7.01 of Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number		Description
99.1		Press Release of Atlas Energy Solutions Inc., dated March 10, 2026.
99.2		Atlas Energy Solutions Inc. Presentation, dated March 2026
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			ATLAS ENERGY SOLUTIONS INC.
Date:	March 10, 2026	By:	/s/ John Turner
			Name: John Turner Title: President and Chief Executive Officer

Exhibit 99.1

Atlas Energy Solutions Enters Agreement with Caterpillar Inc. to Secure Power Generation Assets Through 2029 To Support Private Grid Development Pipeline

Austin, TX – March 10, 2026 – Atlas Energy Solutions Inc. (NYSE: AESI) (“Atlas” or the “Company”) today announced the execution of a Global Framework Agreement (the “GFA”) with Caterpillar Inc. (NYSE: CAT) (“CAT”) covering approximately 1.4 gigawatts of incremental power generation assets, with orders scheduled for 2027 through 2029. With the successful deployment of these assets, Atlas forecasts to own and operate approximately 2.0 gigawatts of power generation assets by 2030.

The incremental capacity will be fulfilled through a portfolio of large load, power dense natural gas reciprocating generator sets, including CG260-16 stationary units designed for behind the meter (“BTM”) deployments and G3520 series units suitable for both BTM and bridge power applications. Under the agreement, Atlas will provide rolling demand forecasts and commit to aggregate purchase obligations of approximately $840 million over the term of the agreement, while CAT will reserve corresponding manufacturing capacity in-line with agreed upon forecasts.

John Turner, President & CEO, commented, “Atlas’ core power strategy of connecting private capital to private grid systems is dependent upon a secure supply of the right equipment, deployable at the right time. This agreement ensures supply certainty, pricing discipline, and execution reliability as we build out this platform. Atlas is well positioned in the behind-the-meter market at a pivotal moment. The build-out of AI infrastructure and manufacturing reshoring are driving unprecedented power demand growth, and grid limitations are pushing industrial customers to seek alternative power solutions through private grid systems. This structural supply--demand imbalance presents a compelling multi-year growth opportunity for Atlas, and we look forward to partnering with CAT in the execution of this strategy and delivering reliable, resilient, private grid solutions to our customers.”

Long-Term Power Strategy Presentation

The Company will also post an investor presentation titled “Long-Term Power Strategy” at https://ir.atlas.energy/ in the "Presentations” section under “News & Events” tab on the Company’s Investor Relations webpage today.

About Atlas Energy Solutions

Atlas Energy Solutions Inc. (NYSE: AESI) is a leading solutions provider to the energy industry. Atlas’s portfolio of offerings includes distributed power systems, oilfield logistics, and the largest proppant supply network in the Permian Basin. With a focus on leveraging technology, automation, and remote operations to enhance efficiencies, Atlas is centered on a core mission of improving human access to the hydrocarbons that power our lives and, by doing so, maximizing value creation for our shareholders.

1

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Statements that are predictive or prospective in nature, that depend upon or refer to future events or conditions or that include the words “may,” “assume,” “forecast,” “position,” “strategy,” “potential,” “continue,” “could,” “will,” “plan,” “project,” “budget,” “predict,” “pursue,” “target,” “seek,” “objective,” “believe,” “expect,” “anticipate,” “intend,” “estimate” and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward-looking statements. Examples of forward-looking statements include, but are not limited to statements regarding: the successful deployment of the equipment purchased under the GFA, the suitability of the equipment purchased for our and our customers’ applications, expected growth and opportunities in our power business and the power market; expansion and growth of Atlas’s business related to the GFA, our business strategy, industry, future operations and profitability, expected capital expenditures and the impact of such expenditures on our performance, statements about our financial position, production, revenues and losses, our capital programs, management changes, current and potential future long-term contracts and our future business and financial performance.

2

Although forward-looking statements reflect our good faith beliefs at the time they are made, we caution you that these forward-looking statements are subject to a number of risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks include but are not limited to: uncertainties as to whether our business strategy will achieve its anticipated benefits and projected results within the expected time period or at all; our ability to participate in and execute on opportunities in the private grid power market; the continued growth of demand in the private grid power market; changes in local, state and federal regulations that may impact the private grid power market; unforeseen or unknown liabilities, future capital expenditures and potential litigation; unexpected future capital expenditures; commodity price volatility, including volatility stemming from the ongoing armed conflicts between Russia and Ukraine, Israel and Hamas, and the United States and Israel and Iran; increasing hostilities and instability in the Middle East; higher than expected costs to operate our proppant production and processing facilities or the Dune Express; the volume of proppant we are able to sell and our ability to enter into supply contracts for our proppant on acceptable terms; the prices we are able to charge, and the margins we are able to realize, from our sales of proppant, logistics services, or mobile power generation; the demand for and price of proppant and power generation, particularly in the Permian Basin; the domestic and foreign supply of and demand for oil and natural gas; the effects of actions by, or disputes among or between, members of OPEC+ with respect to production levels or other matters related to the prices of oil and natural gas; customer concentration, the potential for future consolidation amongst current or potential customers and the possibility that customers may not continue to outsource their power system needs, which could affect demand for our products and services, especially in the power generation industry; inability of our customers to take delivery; any planned or future expansion projects or capital expenditures; inaccuracies in estimates of volumes and qualities of our frac sand reserves; changes in tariffs, trade barriers, price and exchange controls and other regulatory requirements, including such changes that may be implemented by U.S. and foreign governments; volatility in political, legal and regulatory environments; and other factors discussed or referenced in our filings made from time to time with the U.S. Securities and Exchange Commission (“SEC”), including those discussed under the heading “Risk Factors” in our Annual Report on Form 10-K, filed with the SEC on February 24, 2026 and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Investor Contact

Kyle Turlington

5918 W Courtyard Drive, Suite #500
Austin, Texas 78730
United States
T: 512-220-1200
IR@atlas.energy

3

Long-term Power Strategy March 2026 NYSE: AESI Exhibit 99.2

Important Disclosures Forward-Looking Statements This Presentation contains “forward-looking statements” of Atlas Energy Solutions Inc. (“Atlas,” the “Company,” “AESI,” “we,” “us” or “our”) within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Statements that are predictive or prospective in nature, that depend upon or refer to future events or conditions or that include the words “may,” “assume,” “forecast,” “position,” “strategy,” “potential,” “continue,” “could,” “will,” “plan,” “project,” “budget,” “predict,” “pursue,” “target,” “seek,” “objective,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements regarding: the successful deployment of the equipment purchased under the Global Framework Agreement (“GFA”); the suitability of the equipment purchased for our and our customers’ applications; expected growth and opportunities in our power business and the power market;; expansion and growth of Atlas’s business related to the GFA; our business strategy, industry, future operations and profitability; expected capital expenditures and the impact of such expenditures on our performance; statements about our financial position, production, revenues and losses; our capital programs; expectations regarding the growth of U.S. electricity demand and the demand for distributed power generation; management changes; current and potential future long-term contracts; and our future business and financial performance. Although forward-looking statements reflect our good faith beliefs at the time they are made, we caution you that these forward-looking statements are subject to a number of risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. These risks include but are not limited to: uncertainties as to whether our business strategy will achieve its anticipated benefits and projected results within the expected time period or at all; our ability to participate in and execute on opportunities in the private grid power market; the continued growth of demand in the private grid power market; changes in local, state and federal regulations that may impact the private grid power market; unforeseen or unknown liabilities, future capital expenditures and potential litigation; unexpected future capital expenditures; commodity price volatility, including volatility stemming from the ongoing armed conflicts between Russia and Ukraine, Israel and Hamas, and the United States and Israel and Iran; increasing hostilities and instability in the Middle East; higher than expected costs to operate our proppant production and processing facilities or the Dune Express; the volume of proppant we are able to sell and our ability to enter into supply contracts for our proppant on acceptable terms; the prices we are able to charge, and the margins we are able to realize, from our sales of proppant, logistics services, or mobile power generation; the demand for and price of proppant and power generation, particularly in the Permian Basin; the domestic and foreign supply of and demand for oil and natural gas; the effects of actions by, or disputes among or between, members of OPEC+ with respect to production levels or other matters related to the prices of oil and natural gas; customer concentration, the potential for future consolidation amongst current or potential customers and the possibility that customers may not continue to outsource their power system needs, which could affect demand for our products and services, especially in the power generation industry; inability of our customers to take delivery; any planned or future expansion projects or capital expenditures; inaccuracies in estimates of volumes and qualities of our frac sand reserves; changes in tariffs, trade barriers, price and exchange controls and other regulatory requirements, including such changes that may be implemented by U.S. and foreign governments; volatility in political, legal and regulatory environments;; and other factors discussed or referenced in our filings made from time to time with the U.S. Securities and Exchange Commission (“SEC”), including those discussed under the heading “Risk Factors” in our Annual Report on Form 10-K, filed with the SEC on February 24, 2026, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this Presentation. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, our actual results and plans could differ materially from those expressed in any forward-looking statements. All forward-looking statements, expressed or implied, are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that we or persons acting on our behalf may issue. Except as otherwise required by applicable law, we disclaim any duty and do not intend to update any forward-looking statements to reflect events or circumstances after the date of this Presentation. Trademarks and Trade Names The Company owns or has rights to various trademarks, service marks and trade names that it uses in connection with the operation of its business. This Presentation also contains trademarks, service marks and trade names of third parties, which are the property of their respective owners. The use or display of third parties’ trademarks, service marks, trade names or products in this Presentation is not intended to, and does not imply, a relationship with the Company, or an endorsement or sponsorship by or of the Company. Solely for convenience, the trademarks, service marks and trade names referred to in this Presentation may appear without the ®, TM or SM symbols, but such references are not intended to indicate, in any way, that the Company will not assert, to the fullest extent under applicable law, its rights or the rights of the applicable licensor to these trademarks, service marks and trade names. Industry and Market Data This Presentation has been prepared by the Company and includes market data and certain other statistical information from third-party sources, including independent industry publications, government publications, and other published independent sources. Although we believe these third-party sources are reliable as of their respective dates, we have not independently verified the accuracy or completeness of this information. Some data is also based on our good faith estimates, which are derived from our review of internal sources as well as the third-party sources described above. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause results to differ materially from those expressed in these third-party publications. Additionally, descriptions herein of market conditions and opportunities are presented for informational purposes only; there can be no assurance that such conditions will actually occur. Please also see “Forward-Looking Statements” disclaimer above.

Distributed Power Solutions Enhance Atlas Investment Profile Surging power demand and major interconnection delays make private grids the only viable near-term solution Secured, scarce asset base in a supply constrained market provides a tangible competitive moat Full-service, differentiated model providing integrated end-to-end power solutions that Atlas will design, build, own, and operate Predictable, long-term contracted cash flow generation provides durable returns Platform durability and established balance sheet support growth into the power market Proven execution track record developing large scale capital projects with cost advantaged operations

Proven innovator in large-scale infrastructure, Atlas has executed complex, capital-intensive projects integrating engineering, power, automation, and logistics strategically positioning our platform to deliver reliable, long-term power solutions that overcome grid delays and equipment constraints for critical industrial loads Atlas is Uniquely Positioned to Serve Private Grid Market Proven Infrastructure Developer Delivered ~$500M+ in EPC Projects as our own general contractor, from design through commissioning and operations Fully Electrified 42-mile Overland Conveyer, the Dune Express, successfully executed on time and on budget Own/Operate >100 MW of Power Infrastructure including 2 substations supporting ~90 MW of load Strong Vendor Relationships Strategic OEM Partnershipwith Caterpillar, Inc. (NYSE: CAT) via Global Framework Agreement ~1.6 GW of Power Generation Equipment secured and reserved through 2030 De-risked Project Execution with confirmed delivery timelines on high-efficiency, critical equipment Full Lifecycle Ownership Model One-Stop Private Power Partnerfrom initial design/build through ownership, operations, and long-term power delivery Assume 100% Capital Riskeliminating customer upfront investment and operational headaches Deliver Turnkey Simplicity via in-house engineering, commercial/sales, transaction teams, and trusted EPC partners Speed, Flexibility, and Reliability Bridge To Long-Term Power Generatorportfolio enables rapid deployment for immediate needs with a defined transition to long-term power Scalable, Modular Generators offers flexibility to support customer growth and long-term reliability Strong Supply Chain Certainty provide a clear path to energization, grid independence, resilience, and predictable pricing

Agreement with Caterpillar secures ~1.6 GW of critical power generation assets through 2029 Essential Partnership – Global Framework Agreement On March 4, 2026, Atlas entered a global framework agreement (“GFA”) to provide incremental power capacity suitable for both long-term and bridge power applications This agreement supports Atlas’ core power strategy of connecting private capital to private grid systems, which is dependent upon a secure supply of the right equipment, deployable at the right time Partnership With CAT Pricing Discipline Position for cost-effective procurement of high-demand generation assets via the multi-year framework Supply Certainty Facilitate more predictable equipment availability through reserved capacity and monthly demand forecasting Execution Reliability Provide flexibility to align deployment with customer timelines using scalable, proven CAT platforms Key Highlights Built for continuous, reliable stationary power applications Up to ~4.0 MW+ per unit 44%+ electrical efficiency 25% hydrogen blend capable Multi-fuel compatible ~2.8 GW globally installed capacity Caterpillar CG-260 Key Highlights Fast-response, versatile generator for bridge or long-term applications Up to ~2.5 MW per unit 45%+ electrical efficiency 5% hydrogen blend capable Multi-fuel compatible Superior reliability and quick starts, strong load pickup, proven uptime Caterpillar CG3520 Power Generation Equipment Secured In GFA

Economic Viability and Reliability Prioritized Illustrative lists are not intended to be exhaustive Atlas is targeting middle-market private power: Industries with manageable scale, extended contract horizons, and economics centered on total cost of ownership and reliability Atlas Core Competencies and Power Platform Translates Into Multiple Applications Illustrative Opportunities and Applications (1) Illustrative Long-Term Power Markets (~50 MW – 500 MW) Large Load Industrial Data Centers Cloud Processing & Chip Testing Midstream Gathering & Processing Municipality Grid Support Desalination Plants Illustrative Bridge Applications (~1 MW – 50 MW+) Phased Commissioning / Load Ramping Early Operations / Temporary Sites Grid Interconnection Delays Utility Power Reliability Gaps Permitting or Fuel Infrastructure Mismatch Blue-Chip, Creditworthy Counterparty with Opportunities to Expand Turnkey Bridge to Long-Term Opportunity ~50 MW – 500 MW Project Size Range Long-term ~7 – 10+ Year Initial Contract Summary Target Project Profile

Source: Energy Markets & Planning Berkeley Lab | (2) Source: BofA Institute | (3) Source: Pew “With U.S. Electricity Demand Set to Skyrocket” | (4) ICF “Fast Forward: Electricity demand expected to grow 25% by 2030” For large, mission-critical power loads, the advantages of private grid over traditional utility are clear: Private Grid Market Primed for Rapid Growth With Strong Macro Tailwinds Grid Interconnection Delays Utility grid interconnection queues now stretch 5–10 years in many markets. Private grid solutions can be deployed in a fraction of the time, keeping critical projects on schedule Reliability and Uptime Public grids face increasing strain from extreme weather, aging infrastructure and unprecedented power demand. Behind-the-meter private grids provide dedicated, controllable power with contracted uptime commitments Cost Certainty Transmission fees, demand charges, and volatile rate structures make utility power increasingly expensive for large loads. Private generation delivers predictable and reliable energy Scalable and Bespoke Private grid solutions can scale with customer demand from 50 MW to 500+ MW offering flexibility to right-size power needs to meet a specific load profile, redundancy, and reliability U.S. Power Demand 2020 - 2050 (4) Future Grid Trends 5 – 10Yr Average grid interconnection wait time in US (1) $1T+ Estimated grid infrastructure investment needed over the next decade (2) 80GW Est. additional capacity per year to meet demand over the next 20 years (3) 15% – 40% Forecasted potential increase in electricity rates by 2030 (4) Historical Projected U.S. Electricity demand is expected to grow 25% by 2030 and 78% by 2050 from 2023 levels (4)

Legacy Moser Business Transformation – Microgrids for O&G Focused on 5 – 10+ Year Contracts Consumption-based model with customization Hybridization of grids – reducing gas consumption Proven relationships with O&G providers New O&G Microgrids

Estimated growth potential based on GFA and illustrative installation schedules Illustrative Power Growth: Deployable MW Forecast Through 2030 (1) (1) Figures assume placed orders for awarded projects are classified as deployed Total MW ~1,625 MW Total Secured CAT Equipment 2H 2026 First Delivery Tranche 2030 Full Build & Deployment Targeted in 2030 ~240 – 260 ~300 ~325 ~350 ~375 ~375 ~590 – 650 ~1,140 – 1,250 ~1,625 ~300 ~565 – 585 ~940 – 1,000 ~1,515 – 1,625 ~2,000

Investor Relations Contact For more information, please visit our website at https://atlas.energy/ IR Contact: Kyle Turlington 5918 W Courtyard Drive, Suite #500; Austin, Texas 78730 (T) 512-220-1200 IR@atlas.energy NYSE: AESI

FAQ

What agreement did Atlas Energy Solutions (AESI) sign with Caterpillar?

Atlas Energy Solutions signed a Global Framework Agreement with Caterpillar under which Caterpillar will reserve about 1.4 gigawatts of power generation equipment. Atlas, through its subsidiary ProjectCo, commits to purchase this equipment over a multi‑year term ending in 2030 based on rolling demand forecasts.

How large is Atlas Energy’s purchase commitment under the Caterpillar deal?

Atlas Energy’s subsidiary ProjectCo has an initial aggregate purchase obligation of approximately $840 million for Caterpillar power generation equipment. The initial purchase price can be adjusted for capped annual escalations, shipping, transportation, and tariff impacts over the term of the agreement through 2030.

How does the Caterpillar agreement support Atlas Energy’s private grid strategy?

The agreement secures about 1.4 gigawatts of incremental generation assets, enabling Atlas to develop private grid and distributed power systems. With successful deployment, Atlas forecasts owning and operating roughly 2.0 gigawatts of power assets by 2030, supporting long-term, contracted energy solutions for industrial customers.

What are the key financial terms of Atlas Energy’s Global Framework Agreement?

Key terms include an approximate $840 million initial purchase obligation, capped annual price escalations, and $5 million annual capacity deposits beginning in 2027. Payments for equipment occur in customary installments, and reserved capacity runs through December 31, 2030, with potential extension by mutual agreement.

What happens if Atlas Energy does not order all reserved equipment in a year?

If Atlas’s subsidiary ProjectCo does not order 100% of its annual purchase obligations, Caterpillar will use best efforts to reallocate that equipment. If reallocation is successful, ProjectCo is excused from buying those units; if not, ProjectCo must purchase the remaining equipment for that year.

Can Atlas Energy exit its obligations under the Caterpillar framework agreement?

ProjectCo may be excused from or terminate its purchase obligations under certain circumstances, including a post‑effective‑date change in law that prohibits or makes illegal its performance under the agreement or the use of the equipment, as described in the filing’s summary of the agreement.

What investor materials did Atlas Energy release about its long-term power strategy?

Atlas released a press release and an investor presentation titled “Long-Term Power Strategy” on its investor relations website. These materials discuss the Caterpillar agreement, Atlas’s distributed power and private grid strategy, and its forecast to operate about 2.0 gigawatts of power generation assets by 2030.

Filing Exhibits & Attachments

3 documents

Press Releases

• EX-99.1 EX-99.1 19.8 KB
• EX-99.2 EX-99.2 19.1 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA WITH EMBEDDED LINKBASES DOCUMENT 25.4 KB