Key Highlights

  • Electrovaya has agreed to subscribe for approximately A$2.0 million of Janus Electric shares at the five-day VWAP before signing, subject to completion conditions.
  • Electrovaya will receive warrants equal to 150% of the placement shares, exercisable at 125% of the issue price over three years.
  • Janus has placed initial purchase orders of approximately A$37.5 million for Electrovaya battery systems, and deliveries have begun.
  • The orders support 124 North American heavy-duty truck conversions, each using about 600 kWh of Electrovaya battery capacity.

Janus Electric Holdings Limited (ASX:JNS) has agreed terms under which North American lithium-ion battery maker Electrovaya Inc. (NASDAQ: ELVA; TSX: ELVA) will take up approximately A$2.0 million of new Janus shares through a placement, subject to completion conditions. Janus also disclosed that it has placed initial purchase orders worth approximately A$37.5 million for Electrovaya battery systems, supporting orders and commitments for 124 heavy-duty truck conversions in the United States and Canada.

Placement and Warrant Terms

Electrovaya will subscribe for the new shares at the five-day volume-weighted average price of Janus shares on the ASX prior to signing. The final issue price and number of shares will be confirmed once pricing is completed. Janus will also issue Electrovaya warrants at no additional cost, equal to 150% of the number of placement shares issued. Each warrant entitles Electrovaya to acquire one ordinary Janus share at 125% of the placement issue price. The warrants vest in full on issue and expire three years after the date of issue.

Completion depends on customary conditions, including ASX quotation of the placement shares and receipt of any required approvals. Proceeds will go toward working capital as Janus expands, particularly in the United States and Canada. The placement builds on the battery supply agreement the two companies established in July 2025.

Battery Orders and Truck Commitments

The initial purchase orders for lithium-ion battery systems total approximately A$37.5 million. Payments under the orders are conditional on an agreed delivery schedule between the parties. Electrovaya has already begun delivering battery systems to support Janus's first North American customer deployments, and Janus has secured orders and commitments for 124 heavy-duty truck conversions across the United States and Canada.

Under the existing supply relationship, Electrovaya provides battery systems built on its proprietary Infinity Battery Technology for Janus's diesel-to-electric truck conversion and battery-swapping platform. The systems are designed for high-utilisation applications where safety, reliability and long battery life are required. Each Janus truck conversion uses approximately 600 kWh of Electrovaya battery capacity.

Electrovaya's North American Manufacturing

Electrovaya is expanding its North American manufacturing, including lithium-ion cell, module and battery pack production at its Jamestown facility in New York, which it expects to begin operating during its 2027 financial year. The company also keeps manufacturing and engineering operations in Canada, and is headquartered in Ontario. Janus said the added regional capacity is expected to support its battery requirements as North American deliveries increase, with the potential to reduce freight costs, delivery times and exposure to certain tariffs on imported battery products.

Janus Electric converts Class 8 heavy diesel trucks to electric using a modular battery swap and conversion platform. Its system comprises the Janus Conversion Module, swappable battery systems and the Janus Charge & Change Station, and the company operates in Australia, the United States, Canada and other markets.

Comments From Both Chief Executives

Janus Managing Director and CEO Ben Hutt said Electrovaya is a partner to the company and that its decision to take a direct equity stake reflects confidence in Janus's technology and approach. He said the company's focus is on converting commercial interest in North America into trucks on the road, and that reliable battery supply is critical to that goal.

Electrovaya CEO Dr Raj Das Gupta said Janus has demonstrated commercial traction with fleets in the United States, Canada and Australia, and that deliveries are now moving the relationship from orders to deployments. He said the equity stake and warrants align Electrovaya with Janus over the long term. In July 2026, Electrovaya separately announced a commercial agreement with Amazon that includes performance-linked warrants allowing Amazon to acquire shares in Electrovaya.