- 01Proposed $2m investment backs North American growth.
- 02~$37.5m battery orders target 124 truck conversions; value is not guaranteed.
- 03Deal awaits approvals; 150% warrants included.
Janus Electric Holdings (ASX: JNS) has agreed to terms for a $2 million strategic investment from North American battery manufacturer Electrovaya as it prepares to expand its electric heavy-truck operations in the US and Canada.
The proposed equity placement, which builds on a battery supply relationship established in July 2025, is intended to provide working capital for the Australian company’s commercial expansion.
Janus has also placed initial battery system purchase orders with Electrovaya worth approximately $37.5m to support its truck conversion orders and commitments across North America.
Battery deliveries have begun, although the purchase orders will not become binding until delivery schedules are confirmed and their full indicative value is not guaranteed.
Investment Terms and Warrants
Electrovaya will subscribe for new Janus shares at the five-day volume-weighted average price immediately before signing, with the final issue price and share count to be determined after pricing is completed.
Alongside the placement, Electrovaya will receive warrants at no additional cost equal to 150% of the shares issued under the investment, with each warrant exercisable for one Janus share at 125% of the placement price, vesting on issue, and expiring after three years.
Completion remains subject to customary conditions, including quotation of the new shares on the Australian Securities Exchange and any necessary approvals, meaning the proposed investment is not yet finalised.
"Electrovaya is an important partner to Janus Electric, and […] the investment is a strong vote of confidence in our technology and approach to electrifying heavy transport,” managing director Ben Hutt said.
"We've spent several years developing and proving our technology—our focus now is on converting growing commercial interest, particularly in North America, into trucks on the road.”
Battery Orders for Truck Rollout
The battery orders are intended to supply conversions for customers in the US and Canada, with payments conditional on delivery schedules agreed between Janus and Electrovaya.
Janus has orders and commitments covering 124 heavy-duty truck conversions, but some contracted orders remain subject to conditions including incentive-program confirmation and due diligence.
Under the existing supply arrangement, Electrovaya provides lithium-ion batteries incorporating its Infinity Battery Technology for Janus’s diesel-to-electric conversion and swappable battery platform.
Each converted truck uses approximately 600 kilowatt-hours of Electrovaya battery capacity, with the systems designed for demanding, high-utilisation transport applications.
The conversion platform combines the Janus Conversion Module and Janus Charge & Change Station with exchangeable batteries, allowing fleet operators to replace diesel powertrains while limiting operational downtime.
North American Supply Capacity
Electrovaya is developing manufacturing capacity for lithium-ion cells, modules and battery packs at Jamestown in New York, where it expects operations to begin during its 2027 financial year.
It also maintains manufacturing and engineering operations in Canada, giving the partnership an existing regional supply base as Janus progresses its North American deployments.
Greater regional production capacity could reduce freight expenses, delivery times and exposure to certain tariffs on imported battery products, although these benefits depend on the manufacturing expansion proceeding as planned.
Electrovaya chief executive officer Raj Das Gupta described the investment and associated warrants as a way to align the battery manufacturer more closely with Janus’s longer-term growth.
For Janus, the immediate commercial task is to turn its truck commitments into customer deployments while securing battery availability and agreeing delivery schedules that will determine the status of the orders.
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