Key Highlights

  • North American order book increases to 45 diesel-to-electric truck conversions following a new approximately A$10 million order from existing customer Ability Tri-Modal
  • Combined California incentive programs reduce the net cost of a Janus conversion toward zero for qualifying fleet operators
  • Canadian program moves into its first commercial phase, comprising five vehicle conversions and two charging stations, with delivery targeted for November 2026
  • Australian pipeline advances with a signed Memorandum of Understanding covering eight mining road-train conversions and a letter of intent for five further trucks

Janus Electric Holdings Limited (ASX:JNS) has provided the market with an update on the expansion of its order book across the United States, Canada and Australia, disclosing that its North American commitments have grown to 45 diesel-to-electric truck conversions. The update, released on 13 July 2026, centres on an expanded order from existing US customer Ability Tri-Modal, together with progress on the company's Canadian commercial rollout and its developing Australian pipeline.

Ability Tri-Modal Order Lifts US Commitment to 20 Conversions

The centrepiece of the announcement is an expanded order from Ability Tri-Modal, Janus Electric's first US fleet customer. The transportation, warehousing and distribution operator, which has been in business since 1947, has entered into a signed order for 16 additional Janus diesel-to-electric conversion kits and 18 swappable battery sets, together with contracted recurring revenue. The new order carries a gross contract value of approximately A$10 million and lifts Ability Tri-Modal's total commitment from four to 20 vehicle conversions.

Delivery under the expanded order is expected to commence in the second quarter of the company's 2027 financial year. The order is described as binding, subject only to approval of the applicable Heavy-Duty Vehicle Incentive Program vouchers for the 16 trucks, with production scheduling to commence once the order and voucher confirmation are finalised. Ability Tri-Modal will make use of the Janus Charge & Change Station infrastructure being developed at its Carson, California operations, integrating the conversion kits with the company's swappable battery ecosystem.

California Incentive Framework Supports Customer Economics

Janus Electric and its authorised California dealer and conversion partner, Electric Vehicle Choice, have previously secured incentive approvals covering Ability Tri-Modal's first four conversion kits. These approvals comprised Heavy-Duty Vehicle Incentive Program vouchers of approximately US$112,000 per truck and Port of Los Angeles 'Plus' support of approximately US$54,000 per truck, together totalling close to US$166,000 per truck. According to the company, this level of support materially improves the economics of converting existing Class 8 diesel trucks to battery-electric operation.

A distinguishing feature of the Californian incentive structure, as outlined in the announcement, is that it is technology-neutral, recognising diesel-to-electric conversions on the same basis as new zero-emission vehicles. Additional programs referenced in the release also support eligible battery and charge station costs. Beyond the contracted order book, Janus Electric noted that proposals are in market with further California fleet operators, that preliminary modelling is underway for a potential 50-truck pilot with a Texas logistics developer, and that the company is engaging with the Harbor Trucking Association, whose member fleets collectively operate more than 33,500 trucks.

Canadian Program Enters First Commercial Phase

In Canada, Janus Electric confirmed that it has reached agreement with its strategic partner to commence the first commercial phase of the program originally announced on 29 January 2026. This initial phase comprises five vehicle conversions, 15 swappable battery packs and two charging stations, with delivery targeted by November 2026. The company describes this tranche as intended to validate the operational performance of the Janus swappable battery ecosystem under Canadian operating conditions ahead of a broader fleet deployment.

Subject to the successful completion of this initial phase, the parties have agreed on a subsequent rollout comprising a further 20 heavy vehicle conversions, 60 swappable battery packs and seven charging stations. The timing of this staged rollout aligns with in-truck testing being conducted in Ontario by battery partner Electrovaya, which is listed on the NASDAQ and TSX under the ticker ELVA.

Australian Pipeline Progresses Amid Incentive Design Constraints

In Australia, Janus Electric is progressing a pipeline spanning mining, linehaul and quarry operators, including a signed Memorandum of Understanding for eight conversions with pricing agreed and subject to final due diligence, and a letter of intent from a repeat customer for a further five conversions.

The company noted that the conversion of this demand into binding orders is being influenced by the design of available government incentives. Unlike the technology-neutral framework applied in California, Australian programs do not consistently recognise diesel-to-electric heavy-vehicle conversions on the same basis as new zero-emission vehicles. Janus Electric said it continues to engage with government and industry stakeholders in support of a more technology-neutral approach to incentive design domestically.

Manufacturing Scale-Up and Growth Strategy

Janus Electric said its expanding contracted order book provides the demand certainty required to scale manufacturing and supply chain operations. The company is increasing production capacity and working with suppliers, including battery partner Electrovaya, to fulfil its North American commitments, with first deliveries expected to commence in the fourth quarter of calendar 2026 and continue building through 2027.

To support this ramp-up, the company said it will receive deposits from customers and is progressing funding initiatives spanning supply-chain and asset finance, while continuing to assess additional funding opportunities. Management framed the update as reflecting continued execution of Horizon One of the company's Three-Horizon Growth Strategy, first announced on 20 April 2026, which is focused on commercialising the Janus platform across its core markets while building the foundation for the scale-up envisaged under Horizon Two.

Management Commentary

Janus Electric CEO and Managing Director Ben Hutt said the United States is developing into a substantial order book for the company, attributing the trend to California's technology-neutral incentive settings making the company's conversion solution a cost-effective pathway to zero emissions for fleet operators. Hutt said that with Canada moving into its first commercial phase and a pipeline building in Australia, the company's focus is now on scaling manufacturing and delivery to convert the order book into vehicles on the road and recurring revenue.

Conclusion

The 13 July 2026 update outlines a period of order book expansion for Janus Electric across three geographies, anchored by the Ability Tri-Modal order in the United States and the transition of the Canadian program into its first commercial delivery phase. The Australian pipeline remains at an earlier, less binding stage, with management pointing to incentive design as a factor influencing the pace of conversion from indicative interest to contracted orders. Delivery timing, incentive voucher approvals and the pace of manufacturing scale-up will be factors relevant to how the expanded order book translates into revenue recognition over the coming quarters.