Key Highlights

  • Electrovaya Inc. (NASDAQ/TSX: ELVA) to make a strategic Equity Investment of approximately A$2.0 million in Janus Electric via a share Placement at five-day VWAP
  • Electrovaya will also receive warrants equal to 150% of placement shares, exercisable at 125% of the issue price over three years
  • Janus Electric has placed initial purchase orders totalling approximately A$37.5 million for Electrovaya battery systems to support 124 North American truck orders
  • Battery deliveries are already underway, with Electrovaya's US Manufacturing capacity expected to support Janus Electric's scaling operations

A Strategic Relationship Steps Up

Janus Electric Holdings Limited (ASX:JNS) has announced a deepening of its Partnership with North American Lithium-Ion Battery manufacturer Electrovaya Inc., one that moves well beyond a Supply arrangement into a shared financial stake. Electrovaya has agreed to make a strategic equity investment of approximately A$2.0 million in Janus Electric through a share placement, subject to completion conditions. The placement price will be set at the five-day volume-weighted average price of Janus Electric shares on the ASX prior to signing.

As part of the investment, Electrovaya will also receive warrants at no additional cost, issued at 150% of the number of placement shares. Each Warrant entitles Electrovaya to acquire one Janus Electric share at 125% of the placement issue price, with the warrants Fully Vested on issuance and expiring three years from issue. This structure aligns the supplier's interests with the long-term trajectory of Janus Electric's commercial growth.

The investment builds upon the battery supply agreement the two companies established in July 2025, representing a formal elevation of the relationship from vendor to investor.

Battery Orders Signal Commercial Scale

Alongside the equity investment, Janus Electric has placed initial purchase orders totalling approximately A$37.5 million for Electrovaya battery systems. These orders are tied directly to 124 North American truck orders and commitments already in hand. Battery deliveries are underway, signalling that commercial operations are transitioning from planning to execution.

Electrovaya's expanding US manufacturing capacity and existing Canadian operations are expected to support battery supply as Janus Electric scales up in North America. For a company building out a zero-emission heavy transport platform, securing a domestic US supply of battery systems — particularly given ongoing supply chain sensitivities — addresses one of the more material logistical hurdles in the sector.

Janus Electric Managing Director and CEO Ben Hutt described the investment as a vote of confidence from a key partner, noting that after several years of technology development and proof-of-concept work, the company is now translating that work into commercial delivery. He highlighted the importance of North America as a growth market, particularly as regulatory pressure on fleet emissions intensifies across US state and federal levels.

Sector Context

The heavy transport electrification market is drawing increased attention as traditional fleet operators face mounting pressure from emissions legislation and rising fuel costs. Unlike passenger electric vehicles — where adoption has been rapid and infrastructure has matured — the heavy-duty truck segment has been slower to electrify due to the demands of payload, range, and duty cycles. Companies like Janus Electric are targeting this underserved space with proprietary battery swap and charging technology.

The North American market represents a particularly significant opportunity, given the size of the US trucking fleet and federal incentives supporting fleet decarbonisation. Electrovaya's involvement as both a supplier and investor lends the partnership additional credibility in that market.

Risks

Janus Electric's progress remains subject to execution risk on both the battery delivery schedule and the conversion of truck orders into actual deployments. The 124 North American truck commitments are orders and commitments, not completed deliveries, and the timeline for translating those into operating vehicles will be closely watched. The warrant structure issued to Electrovaya also carries dilution potential for existing shareholders if exercised, particularly given they are exercisable at only a modest 25% premium to the placement price. Currency fluctuations between AUD and USD could also affect the Economics of North American operations.

What to Watch Next

The completion of the share placement — pending ASX Quotation of placement shares and any required approvals — will be the immediate near-term event. Beyond that, investors will be monitoring the rate of battery deliveries, whether the 124 North American truck orders convert into fleet deployments on schedule, and any further announcements about US manufacturing partnerships or commercial agreements. Expansion of the order book beyond the current 124 commitments would mark a meaningful step in demonstrating market Demand at scale.