Janus Electric Holdings Limited (ASX:JNS) has submitted a further 16 applications under California's HVIP Drayage Truck Set-Aside program for customer Ability Tri-Modal, lodged on 30 October 2026 (US time), bringing the total number of applications submitted for that customer to 20, including four previously lodged and approved.

Key Points

  • 16 additional HVIP Drayage Truck Set-Aside applications submitted for Ability Tri-Modal on 30 October 2026 (US time), bringing the customer total to 20
  • JCM 540 electric conversion system now authorised for 39 truck models and 920 vehicle configurations across six major US Class 8 truck makes, covering model years 2016–2026
  • First Ability Tri-Modal trucks expected on the road in November 2026; an initial 18 US trucks scheduled for conversion and delivery by 31 December 2026
  • North American order book stands at 124 truck conversions with a combined gross contract value of approximately A$64.6 million; pipeline exceeds 240 additional potential conversions
  • Management reiterates FY27 revenue guidance of A$70–A$100 million

HVIP Application Details and Vehicle Coverage Expansion

The 16 additional applications were submitted through Janus Electric's California dealer and conversion partner Electric Vehicle Choice (EV Choice) and are the first lodged following the expansion of vehicle coverage under Executive Order B-90-1, issued in October 2026. The four previously approved applications each secured incentives totalling approximately US$166,000 per truck, comprising US$112,000 under the HVIP program and US$54,000 under the Port of Los Angeles "Plus" grant program, as announced on 4 June 2026. The California Air Resources Board (CARB) has authorised the JCM 540 electric conversion system across six major US Class 8 truck makes. Published HVIP guidance indicates initial application reviews typically take approximately two weeks following funding reservation, and submission does not constitute approval or guarantee funding.

Standard HVIP Reopening and Additional Incentive Programs

California's standard HVIP funding closed to new applications in early September 2026 after available funding was fully committed. The program administrator is targeting a reopening by the end of 2026, expected to occur in November. Janus intends to submit further applications on behalf of eligible customers when standard HVIP funding becomes available, subject to program requirements. In addition to HVIP, Janus and its US partners are progressing applications under other government incentive programs to support customer conversions across North America, providing additional potential funding pathways where HVIP eligibility requirements, voucher limits or funding availability may restrict customer access.

Delivery Schedule, Order Book and FY27 Revenue Guidance

The first Electrovaya battery packs were delivered to EV Choice during the week commencing 26 October 2026, with software integration and commissioning scheduled for November. The first Ability Tri-Modal trucks are expected on the road in November 2026, subject to finalisation of permits for the customer's Carson charging facility. An initial 18 US trucks are scheduled for conversion and delivery by 31 December 2026, with conversion capacity ramping across California and Texas. The Canadian order of 25 trucks, covered by a master services agreement, now has its first five conversions expected in January 2027. Production and delivery activities are supported by an A$10 million revolving trade finance facility and an A$1 million asset finance facility with Commonwealth Bank of Australia. Management reiterates FY27 revenue guidance of A$70–A$100 million.