Janus Electric Holdings Lands A$10M US Order as North American Book Hits 45
Janus Electric lands ~A$10 million Ability Tri-Modal order, lifting North American book to 45 truck conversions
Janus Electric Holdings (ASX: JNS) has secured an expanded order from repeat US customer Ability Tri-Modal, covering 16 additional diesel-to-electric conversions and 18 battery sets plus contracted recurring revenue, with a gross contract value of approximately A$10 million.
The new order lifts Ability Tri-Modal’s total commitment from four to 20 conversions and takes the North American contracted total to 45 conversions, comprising 20 in the United States and 25 in Canada. Announced on 13 July 2026, the update marks continued execution of the company’s Three-Horizon Growth Strategy (dated 20 April 2026), specifically Horizon One.
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Inside the ~A$10 million Ability Tri-Modal order
The signed order covers 16 diesel-to-electric conversion kits, 18 swappable battery sets and contracted recurring revenue, with delivery expected to commence in Q2 FY27. The order is binding, subject only to approval of the applicable Heavy-Duty Vehicle Incentive Program (HVIP) vouchers for the 16 trucks. Production scheduling commences on receipt of the signed order and HVIP confirmation.
Ability Tri-Modal is Janus Electric’s first US fleet customer, a third-generation transportation, warehousing and distribution business operating since 1947. The operator will use the Janus Charge & Change Station infrastructure being developed at its Carson, California operations.
For investors, the expanded commitment provides further repeat-customer validation of the company’s conversion and battery-swap platform.
| Market | Contracted Conversions | Battery Packs/Sets | Charging Stations | Status/Timing |
|---|---|---|---|---|
| United States | 20 | 18 battery sets (new order) | Carson, CA facility | Binding, subject to HVIP; delivery from Q2 FY27 |
| Canada (initial phase) | 5 | 15 | 2 | Contracted; delivery targeted by Nov 2026 |
| Canada (staged follow-on) | 20 | 60 | 7 | Subject to successful completion of phase one |
| Australia (pipeline) | MoU: 8 + LOI: 5 | — | — | Pipeline only, NOT contracted |
How California incentives make conversions near cost-neutral
Momentum is strongest in the United States, where a technology-neutral incentive framework is translating fleet-operator demand into firm, contracted orders. Combined incentive programs materially improve the economics of converting existing Class 8 diesel trucks to battery-electric operation.
For Ability Tri-Modal’s initial four kits, Janus Electric and its authorised California dealer and conversion partner, Electric Vehicle Choice (EVC), previously secured incentive approvals. The per-truck support breaks down as follows:
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HVIP vouchers: approximately US$112,000 per truck
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Port of Los Angeles “Plus” grant: approximately US$54,000 per truck
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Total support: approximately US$166,000 per truck
This support reduces the net cost of a Janus conversion to near zero for qualifying operators. Importantly, these incentives are technology-neutral and recognise diesel-to-electric conversions alongside new zero-emission vehicles. That distinction matters, because it supports the conversion of customer demand into binding orders rather than early-stage interest.
A growing US pipeline beyond the contracted book
Beyond the contracted order book, the company is progressing a growing pipeline of potential opportunities in the United States. These remain pipeline opportunities and are not contracted orders. The three threads are:
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Proposals submitted to further California fleet operators.
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Preliminary modelling underway for a potential 50-truck pilot with a major Texas logistics developer.
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Engagement with the Harbor Trucking Association, whose members collectively operate more than 33,500 trucks.
The company has stated its focus is on converting these opportunities into binding orders and building future revenue from vehicle conversions, swappable batteries, charging infrastructure and associated services.
Canada moves into its first commercial phase
Further to the strategic partnership announced on 29 January 2026, Janus Electric has confirmed agreement to commence the first commercial phase of its Canadian programme. This initial phase comprises 5 vehicle conversions, 15 swappable battery packs and 2 charging stations, with delivery targeted by November 2026.
The first tranche is intended to validate the operational performance of the Janus swappable battery ecosystem under Canadian operating conditions. Subject to successful completion, the parties have agreed on a subsequent staged rollout of a further 20 heavy vehicle conversions, 60 swappable battery packs and 7 charging stations.
The rollout timing aligns with battery partner Electrovaya (NASDAQ/TSX: ELVA) and its in-truck testing in Ontario, Canada.
Australian pipeline advances amid incentive challenges
In Australia, the company is progressing a pipeline of opportunities across mining, linehaul and quarry operators. This includes a signed Memorandum of Understanding covering eight vehicle conversions for a mining operator, with pricing agreed and the proposed transaction subject to final due diligence, plus a letter of intent from a repeat customer for a further five trucks. Both the MoU and letter of intent are pipeline opportunities, not binding orders.
The conversion of this demand into binding orders is being influenced by the design of available government incentives. Unlike California’s technology-neutral framework, Australian programs do not consistently recognise diesel-to-electric conversions on the same basis as new zero-emission vehicles. Janus Electric has stated it continues to engage constructively with government and industry in support of a more technology-neutral approach.
The Australian incentive framework has not consistently extended technology-neutral recognition to diesel-to-electric conversions, a contrast that is shaping Janus’s domestic pipeline timeline and reinforcing the commercial priority the company is currently placing on its North American contracted order book.
Scaling manufacturing to deliver the order book
The company’s expanding contracted order book provides the demand certainty to scale its manufacturing and supply chain. Janus is increasing production capacity and working with key suppliers, including battery partner Electrovaya, to fulfil its North American commitments. First deliveries are expected to commence in the fourth quarter of calendar 2026 and build through 2027.
To support this ramp-up, the company has stated it will receive deposits from customers and is progressing a range of funding initiatives, including supply-chain and asset finance, while continuing to assess additional funding opportunities to support its growth strategy and scale operations.
What this means for the investment case
The update reflects three-market execution against Horizon One of the Three-Horizon Growth Strategy, combining repeat-customer orders with a recurring revenue model spanning conversions, swappable batteries, charging infrastructure and associated services. The technology-neutral incentive framework in California stands out as the primary demand driver, translating fleet-operator interest into firm, contracted orders.
For investors wanting to place the Ability Tri-Modal order within the broader commercial roadmap, our deep-dive into the Three-Horizon Growth Strategy covers the FY27-FY29 revenue projections, total funding requirements, and the milestone sequencing that Horizon One execution is designed to de-risk.
CEO Commentary
“The United States is developing into a very substantial order book for Janus. California’s technology-neutral incentives make our conversion solution one of the most cost-effective pathways to zero emissions for fleet operators, and that is translating directly into firm orders. With Canada moving into its first commercial phase and a strong pipeline building in Australia, our focus now is on scaling manufacturing and delivery to convert this order book into vehicles on the road and long-term recurring revenue,” said Ben Hutt, CEO & Managing Director.
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Key figures at a glance
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~A$10 million gross contract value for the new Ability Tri-Modal order
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45 contracted North American conversions (20 US + 25 Canada)
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~US$166,000 per truck in combined California incentives
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Canadian phase-one delivery targeted by November 2026
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First deliveries expected Q4 calendar 2026
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