16 more California incentive applications lodged as US truck coverage widens
Janus Electric (ASX: JNS) has lodged 16 further applications under California’s Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) Drayage Truck Set-Aside program for Ability Tri-Modal on 30 October 2026 (US time). The filings take the total number submitted for the customer to 20.
The applications were lodged by US subsidiary Janus Electric Incorporated through California dealer and conversion partner Electric Vehicle Choice (EV Choice). The total of 20 includes four previously lodged and approved applications.
Management also reiterated its FY27 revenue guidance of $70-$100m.
Ben Hutt, Managing Director and CEO
“…we’ve submitted another sixteen drayage incentive applications for Ability Tri-Modal. These are tangible steps towards improving the economics of electric truck conversions and translating our North American order book into operational vehicles.”
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JCM 540 now authorised for 39 truck models and 920 configurations
The applications follow an expansion of the vehicle coverage authorised by the California Air Resources Board (CARB) for Janus’s JCM 540 electric conversion system. It now covers 39 truck models and 920 vehicle configurations across six major US Class 8 truck makes, spanning model years 2016-2026.
The 16 additional applications are the first lodged following the expansion of vehicle coverage under Executive Order B-90-1, issued in October 2026.
The expanded coverage allows eligible operators to electrify trucks already in service rather than purchase replacement vehicles. For investors, that widens the range of existing heavy transport fleets to which Janus can offer its conversion technology, subject to individual vehicle and government incentive program eligibility requirements.
How HVIP incentives work
HVIP is a California program that offers vouchers to help fleet operators fund cleaner trucks. The Drayage Truck Set-Aside forms part of HVIP and remains open for applications from eligible fleet operators.
Incentives matter because they improve the economics of electric truck conversions, as the CEO’s comments above indicate. The initial four trucks, as announced on 4 June 2026, secured incentives totalling approximately US$166,000 per truck, comprising US$112,000 under HVIP and US$54,000 under the Port of Los Angeles “Plus” grant program.
Submission does not constitute approval or guarantee funding. Published HVIP guidance indicates that initial application reviews typically take approximately two weeks following funding reservation, provided there are no outstanding issues.
Janus and its US partners are also progressing applications under other government incentive programs. These provide additional potential funding pathways, particularly where HVIP eligibility requirements, voucher limits or funding availability may restrict customer access to incentives.
Order book and pipeline behind the incentive push
Janus’s North American order book comprises 124 truck conversions, with a combined gross contract value of approximately A$64.6 million. The company’s US customers have indicated that they remain committed to proceeding with their conversions.
| Item | Detail |
|---|---|
| North American order book | 124 truck conversions |
| United States | 99 |
| Canada | 25 |
| Combined gross contract value | Approximately A$64.6 million |
| Non-binding pipeline | More than 240 potential truck conversions |
The pipeline spans pilot programs, commercial proposals and early-stage discussions. These opportunities are non-binding and are not included in the announced order book, and there is no certainty they will result in contracted orders.
Certain orders remain subject to incentive approvals, customer financing and other contractual and delivery conditions.
Production and delivery activities are supported by:
- A A$10 million revolving trade finance facility with Commonwealth Bank of Australia
- A A$1 million asset finance facility with Commonwealth Bank of Australia
- Customer deposits
The proposed A$2 million strategic investment by Electrovaya remains subject to completion conditions.
In Canada, Janus has a master services agreement in place with a single customer covering 25 truck conversions. The first five conversions are now expected in January 2027, compared with the 2026 timetable outlined in the company’s previous investor presentation, and the customer is finalising asset financing, with the first purchase order and deposit expected following completion of these arrangements.
Investors exploring the battery supply side can read our full explainer on the Electrovaya investment and battery orders, which sets out the equity stake, warrant terms and the conditions under which the A$37.5 million of initial orders become binding.
What happens next for Janus in North America
The announcement sets out the following delivery and incentive milestones:
- The first Electrovaya battery packs were delivered to EV Choice during the week commencing 26 October 2026, with software integration and commissioning scheduled for November 2026.
- The first Ability Tri-Modal trucks are expected on the road in November 2026, with full commercial operations dependent on finalisation of permits for the customer’s Carson charging facility.
- California’s standard HVIP funding closed to new applications in early September 2026 after available funding was fully committed. The program administrator is targeting a reopening by the end of 2026, expected to occur in November, and Janus intends to submit further applications when funding becomes available, subject to program requirements.
- An initial program of 18 US trucks is scheduled for conversion and delivery by 31 December 2026.
- Conversion capacity between California and Texas is ramping into Q3FY2027, with a view to delivering the current North American order book by early Q4 FY2027.
- The first five Canadian conversions are expected in January 2027, and delivery of the initial 25 truck commitment is anticipated in FY27.
For investors, delivery execution and incentive approvals sit alongside the reiterated FY27 revenue guidance of $70-$100m. The company’s forward-looking statements note that incentive programs may change, close or be oversubscribed, and that applications may not succeed.
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