Highlights

  • Electrovaya agreed to buy about A$2.0 million of Janus shares through a placement priced at the five-day volume-weighted average price.
  • Janus placed initial purchase orders worth about A$37.5 million, supporting 124 heavy-duty truck conversions across the United States and Canada.
  • Electrovaya will receive warrants equal to 150 per cent of the placement shares, exercisable at A$0.6058 for three years.
  • Janus plans to put the proceeds into working capital, targeting commercial expansion mainly in the United States and Canada.

A hundred and twenty-four heavy-duty trucks, with about 600 kWh of battery capacity in each. Janus Electric Holdings (ASX:JNS) said on 28 October 2026 that its battery supplier, Electrovaya Inc., which is listed on the NASDAQ and the TSX, has agreed terms for a strategic equity investment of about A$2.0 million. The money will come through a share placement that remains subject to completion conditions, including ASX quotation of the placement shares and any required approvals.

The investment

Janus said the proceeds will fund working capital for commercial expansion, with a particular focus on the United States and Canada. A separate Appendix 3B filed the same morning listed 4,193,270 ordinary shares at an issue price of A$0.4847 each, with a proposed issue date of 30 October 2026. Both the shares and the warrants are to be issued under the company's existing 15 per cent placement capacity under Listing Rule 7.1, so shareholder approval is not required.

Warrants and pricing

The placement shares are priced at the five-day volume-weighted average price of Janus shares on the ASX before signing. Electrovaya will also receive warrants at no additional cost, equal to 150 per cent of the number of placement shares. The Appendix 3B lists 6,289,904 warrants, each exercisable at A$0.6058, described as 125 per cent of the issue price. They vest fully on issue and expire three years after the issue date.

The battery orders

Alongside the equity deal, Janus placed initial purchase orders with Electrovaya worth about A$37.5 million, supporting 124 heavy-duty truck conversions and related commitments across the US and Canada. Electrovaya has already started deliveries. The orders build on a battery supply agreement between the two companies from July 2025.

Janus cautioned that payments are conditional on an agreed delivery schedule and that the orders are not binding until delivery schedules are confirmed, so their full indicative value may not be realised. Some orders may stay subject to conditions, including confirmation of incentive programmes and due diligence. The orders are purchases by Janus from its supplier, and the announcement does not describe them as revenue.

Electrovaya's manufacturing footprint

Electrovaya's Jamestown, New York facility, intended to produce lithium-ion cells, modules and battery packs, is expected to begin operations during Electrovaya's 2027 financial year. Janus said regional production could reduce freight costs and delivery times and lessen exposure to certain tariffs.

Janus Managing Director and chief executive Ben Hutt called the investment a vote of confidence in the company's technology. Electrovaya chief executive Dr Raj Das Gupta said Janus had shown real commercial traction in the US, Canada and Australia.

Conditions and what to watch

Several steps remain. The final placement price and share numbers were to be confirmed through the pricing process, and the Appendix 3B points to an issue date of 30 October 2026. The warrants are a new class of security, and the filing said the code was still to be confirmed. Currency conversions in the announcement between US or Canadian dollars and Australian dollars are approximate, and actual outcomes may differ materially from its forward-looking statements.