Not quite sure about this one...from what I read online, it could be a dependency issue missing or an authority to read a dependency, or a driver incompatibility.
Let's try authority first. Can you right-click the shortcut and Run as administrator.
If that doesn't work, try copying the Maelstrom.exe and the modules folder into the C:\Maelstrom\Games\ERAS directory and instead of the shortcut, just try launching the Maelstrom you copied from that spot in the ERAS folder?
Do either work?