ASX newcomer Janus Electric Holdings markets quick-swap battery system to decarbonise heavy transport industry

Janus Electric Holdings (ASX: JNS) has commenced trading on the Australian Securities Exchange, marking the end of a reverse takeover by green hydrogen company ReNu Energy and a significant milestone in the commercialisation of zero-emissions technology for heavy vehicles.

The public listing follows an $8.8 million capital raising backed by a group of prominent institutional and professional investors that left the truck electrification company well-funded to scale its operations, expand its battery-swapping infrastructure and accelerate adoption across domestic and global markets.

Powerhouse Ventures, Northstar Impact Funds and European venture capital firm Kjøller anchored the raise.

Decarbonising heavy transport

Janus founder and chief operating officer Lex Forsyth said the ASX debut was a major step in the company’s journey towards decarbonising the heavy transport industry.

“We have demonstrated that our technology works with over 2,600 battery swaps and more than 428,000 zero-emission kilometres travelled and we are now ready to take this Australian-made solution to the global stage,” he said.

Mr Forsyth said the company was targeting the rapid deployment of Janus technology on domestic freight routes such as Sydney-to-Melbourne and Sydney-to-Brisbane, on which thousands of trucks operate daily.

Swappable battery system

Janus’ business model is focused on converting diesel trucks to electric using a patented swappable battery system and network of charging stations.

The company imports lithium-ion cells from China to manufacture the high-capacity batteries for sale, providing fleet operators with energy solutions tailored to their needs.

Janus can retrofit a Class 8 heavy-duty prime mover in less than four hours using the patented Janus Conversion Module, replacing the diesel engine with an electric motor, battery pack and associated electronics.

Reduced downtime

The process can dramatically reduce operational downtime and provide a significantly lower capital cost compared to the purchase price of a new electric truck.

A nationwide network of Janus Charge and Change Stations supports each conversion, with key locations at leased and customer sites in New South Wales, Victoria, South Australia, Western Australia and Queensland.

Janus generates revenue through conversion fees, battery hire fees, recharging services and subscription fees within the Janus Ecosystem software platform, which enables real-time asset and battery management.

Current contracts

Janus currently has 142 truck conversions under contract with clients including Qube Holdings (ASX: QUB),Cement Australia and Symons Clark, and partnerships with dealers in WA, SA and Los Angeles.

Each conversion can remove the equivalent emissions of 20 cars per year, or 2,000 cars over a 10-year lifespan.

The result is an estimated $0.20 per kilometre operational saving over diesel and a significant reduction in carbon dioxide emissions.

The company also leases out the Janus Side Battery, allowing customers to access the technology without upfront purchase costs.

Reverse takeover

In April, Janus Electric secured a $24.5m reverse takeover deal with Australian green hydrogen company ReNu Energy that saw the companies merge and now re-list on the ASX as Janus Electric Holdings.

The acquisition presented a compelling investment opportunity for ReNu, underpinned by a scalable and commercially proven technology, an addressable local market of approximately 125,000 registered prime movers and a clear pathway to scaling recurring revenues.

In February, ReNu announced it would divest subsidiary business Countrywide Hydrogen and its flagship Tasmanian green hydrogen project to Countrywide Hydrogen Holdings, an entity controlled by ReNu’s management team.