Electrovaya commits A$2.0 million as Janus Electric lines up A$37.5 million in battery orders
North American lithium-ion battery manufacturer Electrovaya Inc. (NASDAQ: ELVA; TSX: ELVA) has agreed terms on a strategic equity investment of approximately A$2.0 million in Janus Electric Holdings Limited (ASX: JNS) through a share placement. Janus Electric has also placed initial battery purchase orders totalling approximately A$37.5 million for Electrovaya battery systems.
The placement is subject to completion conditions, while battery deliveries are underway. The strategic investment builds on the July 2025 battery supply agreement between the companies and is intended to provide additional working capital for expansion, particularly in the United States and Canada.
Key highlights from the 28 October 2026 announcement:
- Strategic equity investment of approximately A$2.0 million by Electrovaya, subject to completion conditions
- Initial purchase orders of approximately A$37.5 million for Electrovaya battery systems
- Orders and commitments for 124 North American trucks
- Battery deliveries are underway
For investors, a battery supplier taking direct equity in its customer adds a financial link to the existing supply relationship.
Ben Hutt, Managing Director and CEO, Janus Electric
“The investment is a strong vote of confidence in our technology and approach to electrifying heavy transport.”
Hutt also said the company’s focus is now on “converting growing commercial interest, particularly in North America, into trucks on the road.”
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How the placement and warrants are structured
Under the agreed term sheet, Electrovaya will subscribe for new Janus Electric shares at the five-day volume-weighted average price (VWAP) of the company’s shares on the ASX prior to signing. The final issue price and number of shares will be confirmed following completion of the pricing process.
Janus Electric will also issue Electrovaya warrants at no additional cost. The key terms are set out below.
| Term | Detail |
|---|---|
| Placement size | Approximately A$2.0M |
| Placement price | Five-day VWAP on the ASX prior to signing |
| Warrants | 150% of placement shares issued, at no additional cost |
| Exercise price | 125% of the placement issue price |
| Vesting and expiry | Fully vested on issuance; expire three years from date of issue |
Each warrant will entitle Electrovaya to acquire one ordinary Janus Electric share.
Completion of the placement is subject to customary conditions, including ASX quotation of the placement shares and receipt of any required approvals. Proceeds will be used for working capital as Janus Electric progresses its commercial expansion.
A$37.5 million in Electrovaya battery orders back 124 North American trucks
Alongside the proposed investment, Janus Electric has placed initial purchase orders with Electrovaya for lithium-ion battery systems valued at approximately A$37.5 million. The orders support planned truck deployments in the United States and Canada, and payments are conditional on an agreed delivery schedule between the parties. The battery purchase orders will not become binding until delivery schedules are confirmed, and there is no assurance that their full indicative value will be realised.
Electrovaya has commenced deliveries to support Janus Electric’s initial North American customer deployments. Janus Electric has secured orders and commitments for 124 heavy-duty truck conversions across the United States and Canada, with each conversion using approximately 600 kWh of Electrovaya battery capacity.
The Ability Tri-Modal order covering 16 conversions, supported by roughly US$166,000 per truck in California incentives, was an early building block of the North American order book now underpinning these battery purchases.
Under the existing supply relationship, Electrovaya provides:
- Lithium-ion battery systems incorporating its proprietary Infinity Battery Technology
- Systems designed for demanding, high-utilisation applications where safety, reliability and long battery life are critical
Dr Raj Das Gupta, CEO, Electrovaya
“…With deliveries now underway, we are pleased to support Janus as it moves from orders to deployments…”
What is a diesel-to-electric conversion and battery-swap platform?
Janus Electric converts Class 8 heavy diesel trucks to electric using its proprietary modular battery swap and conversion platform. The integrated solution comprises the Janus Conversion Module (JCM), swappable battery systems, and the Janus Charge & Change Station (JCCS).
The company describes this as an electrification pathway for fleet operators that delivers near-zero downtime and total cost of ownership savings.
Battery supply is central to scaling. Hutt said “Reliable battery supply is critical to that growth…”
Local US manufacturing could support supply as Janus scales
Electrovaya is expanding its North American manufacturing capabilities, including lithium-ion cell, module and battery pack production at its Jamestown facility in New York. It expects the facility to commence operations during its 2027 financial year, and it also maintains manufacturing and engineering operations in Canada.
Increased regional manufacturing capacity is expected to support Janus Electric’s 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.
Regional supply could matter more if the proposed ConGlobal Texas pilot of 20 trucks converts into a definitive agreement, opening a possible path to 31 US depots.
What happens next for Janus Electric and Electrovaya
- Final placement issue price and share number: to be confirmed following completion of the pricing process.
- Placement completion: subject to customary conditions, including ASX quotation of the placement shares and receipt of any required approvals.
- Battery order payments: conditional on an agreed delivery schedule between the parties.
- Jamestown, New York facility: Electrovaya expects operations to commence during its 2027 financial year.
- Warrants: expire three years from the date of issue.
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