Four new California fleet operators place ~A$45 million in conditional orders
Four new California fleet operators have placed conditional orders worth approximately A$45 million with Janus Electric Holdings (ASX: JNS) for a combined 67 diesel-to-electric truck conversions.
The signed orders lift the company’s United States order book to 87 conversions and its total North American order book to 112 conversions, comprising 87 in the US and 25 in Canada.
The four operators, Golden State Express, WEHACO, Tradelink Transport and King Fio Trucking, expand Janus Electric’s US customer base from one to five California fleet operators.
Importantly, these are conditional orders, dependent on the successful award of California incentive grants. Investors should note the figures reflect signed commitments rather than delivered or paid-for vehicles.
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US order book more than quadruples to 87 conversions
Momentum has built quickly across the company’s US business. In announcements this week, Janus Electric secured 83 additional conversion orders: 16 from repeat customer Ability Tri-Modal (an approximately A$10 million order announced on 13 July 2026) and 67 from the four new operators.
The Ability Tri-Modal order announced on 13 July 2026 added 16 conversions and lifted the North American contracted book to 45 before this week’s four new operators pushed the US tally alone to 87.
The result lifted the US order book from four to 87 conversions and grew the customer base from one to five operators.
All four new customers serve the freight and port drayage market at the Ports of Los Angeles and Long Beach. Several already operate battery-electric trucks and supporting charging infrastructure, a factor the company describes as providing further commercial validation for its conversion and battery-swap platform.
The following table breaks down the four new conditional orders.
| Operator | Conversions | Battery Packs | JCCS | Gross Contract Value (A$) |
|---|---|---|---|---|
| Golden State Express | 20 | 22 | 50% share of 1 (joint with WEHACO) | ~$14M |
| WEHACO | 20 | 22 | 50% share of 1 (joint with Golden State) | ~$14M |
| Tradelink Transport | 21 | 25 | 2 units | ~$14M |
| King Fio Trucking | 6 | 8 | 1 | ~$3M |
| Total | 67 | 77 | 4 stations | ~$45M |
Experienced operators bring commercial validation
The four new customers arrive with established credentials in port drayage and, in several cases, battery-electric operations.
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Golden State Express and WEHACO are affiliated Southern California operators led by Fred Johring, President of both companies and a founding member of the Harbor Trucking Association, whose members collectively operate more than 33,500 trucks. Golden State Express has operated under the Golden State Logistics brand since 1996.
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Tradelink Transport, founded in 1998, brings more than 25 years of intermodal and drayage experience. It operates approximately 48 trucks, including 15 Volvo VNR Electric Class 8 trucks.
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King Fio Trucking has served the Ports of Los Angeles and Long Beach since 2002, operating more than 30 trucks, including an established battery-electric fleet.
The conversions will be supported by Electric Vehicle Choice (EVC), Janus Electric’s authorised California dealer and conversion partner, and a Hybrid and Zero-Emission Truck and Bus Voucher Incentive Project (HVIP) dealer.
Fred Johring, President, Golden State Express / WEHACO
“The Janus battery-swap platform gives us the ability to electrify our existing fleet without sacrificing the productivity our port operations demand. The grant support available in California makes the economics work, and being able to run two affiliated fleets off shared infrastructure is exactly the kind of solution we have been looking for. We are pleased to be working with Janus and EVC on this program.”
How California incentives make the economics work
California incentives sit at the centre of the commercial case, and understanding them explains why these operators are prepared to commit.
For qualifying operators, combined HVIP vouchers and Port of Los Angeles “Plus” support can provide approximately US$166,000 per truck, reducing the net cost of a Janus conversion to near zero. Depending on fleet and asset eligibility, applications may draw on several programs:
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Hybrid and Zero-Emission Truck and Bus Voucher Incentive Program (HVIP)
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Innovative Small E-Fleet (ISEF) pilot
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South Coast AQMD Voucher Incentive Program (VIP)
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Port of Los Angeles and Long Beach Plus-Up funding
Separately, the Port of Los Angeles is administering a $75 million zero-emission truck purchasing program offering up to $300,000 per truck. Golden State Express and WEHACO are working with Janus Electric to assess eligibility ahead of the December 2026 deadline.
These incentives help de-risk customer adoption, though each order remains conditional. The Golden State Express and WEHACO orders are conditional on incentive grant awards, with build-slot deposits payable and refunded progressively as each truck is completed.
The Tradelink order is conditional on incentive approval, with a customer deposit plus milestone payments. The King Fio order is structured as a Janus-financed lease-to-own arrangement with no customer deposit, conditional on both incentive approval and the proposed financing being finalised. Should acceptable financing terms not be reached, the King Fio order may not proceed.
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Manufacturing ramp and path to delivered revenue
The North American order book of 112 conversions supports Janus Electric’s manufacturing and supply-chain ramp, providing greater visibility on battery, conversion-module and charging-station requirements.
The company is working with key suppliers, including battery partner Electrovaya (NASDAQ/TSX: ELVA), to support planned North American deliveries. First deliveries are expected to commence in Q4 calendar 2026 and build through 2027, with scheduling finalised following incentive approvals.
To support the ramp-up, Janus Electric will receive deposits from customers and is progressing supply-chain and asset finance initiatives, while continuing to assess additional funding opportunities.
The orders represent further execution against Horizon One of the company’s Three-Horizon Growth Strategy, announced on 20 April 2026. Horizon One focuses on commercialising the Janus platform across core markets and establishing the capabilities required for the scale-up envisaged under Horizon Two.
For investors wanting to understand the financial projections and execution milestones underpinning this commercial push, our deep-dive into Janus Electric’s three-horizon growth strategy covers the revenue roadmap from A$105-115M in FY27 through to approximately A$660M at Horizon 3, including the capital requirements and key risks across each phase.
Ben Hutt, CEO & Managing Director
“Securing signed orders from four additional California fleet operators immediately after Ability Tri-Modal expanded its commitment demonstrates the strong commercial momentum building in our US business. In announcements this week, our US order book has grown from four to 87 truck conversions across five fleet operators, taking our North American order book to 112 conversions. These orders significantly broaden our US customer base and the decision of these operators to adopt the Janus conversion and battery-swap platform provides important customer validation. Our focus is now on scaling production and converting this order book into delivered vehicles and long-term recurring revenue.”
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