Key Highlights

• Janus Electric converts diesel heavy trucks to electric power using a swappable-battery model.

• The company reported about AUD 45mn in conditional orders from four California fleet operators in July 2026.

• The North American conversion book reached 112 trucks following those conditional orders.

• Janus completed a AUD 4.5mn Placement in May 2026 to fund growth.

Janus Electric (ASX:JNS) is developing a battery-swapping model for heavy trucks, with conditional North American orders adding to a growing electric-vehicle conversion pipeline.

Company Business

Janus Electric's model is designed to address the upfront cost of new electric trucks and charging downtime. Operators can swap depleted batteries for charged units, while Janus provides the conversion and supporting infrastructure.

Sector Context

Heavy-transport electrification is developing through several competing approaches. Battery swapping can reduce charging downtime, but scaling requires infrastructure, Capital and fleet adoption.

Risks to Consider

Conditional orders are not equivalent to delivered, revenue-generating conversions. The company must build out its network, secure customers and demonstrate that the Economics work for both fleet operators and the provider. Policy incentives can also change.

What to Watch Next

The main indicators are conversion of conditional orders into firm deliveries, expansion of the battery-swap network, additional fleet agreements and evidence of recurring commercial revenue.