Electrovaya will invest approximately A$2.0 million in Janus Electric through a proposed placement, while Janus has placed initial battery orders worth about A$37.5 million for its North American truck programme. The investment remains subject to completion conditions, and the battery orders depend on agreed delivery schedules.
- Approximately A$2.0 million strategic placement by Electrovaya
- Warrants equal to 150% of placement shares, exercisable at 125% of issue price
- Approximately A$37.5 million in initial battery purchase orders
- Battery deliveries underway for 124 North American truck orders and commitments
- Electrovaya expects its New York manufacturing facility to begin operations in FY2027
Electrovaya takes a stake as Janus moves towards North American deliveries
Janus Electric Holdings Limited (ASX:JNS) has secured a strategic investment from its battery supplier as it moves its North American expansion from order book to deployment. Electrovaya Inc. (NASDAQ:ELVA; TSX:ELVA) has agreed to invest approximately A$2.0 million in Janus through a share placement, while Janus has placed initial battery purchase orders worth about A$37.5 million.
The announcement comes after Janus lifted its North American order book to 124 heavy-duty truck conversions and commitments, including the six-truck King Fio expansion noted in the company’s latest customer update. Electrovaya says battery deliveries to Janus have already begun, but the filing makes clear that the purchase orders will not become binding in full until delivery schedules are confirmed.
Placement terms include substantial warrant coverage
Electrovaya will subscribe for new Janus shares at the five-day volume-weighted average price before signing. Janus has not yet disclosed the final issue price or share count, which will be confirmed through the pricing and completion process.
The strategic investor will also receive warrants at no additional cost equal to 150% of the placement shares. Each warrant will convert into one Janus share at 125% of the placement price and will expire three years after issue. That structure gives Electrovaya a larger potential equity position if the warrants are exercised, while the immediate capital injection is intended to provide working capital for Janus’s commercial expansion.
The placement is subject to customary conditions, including ASX quotation of the new shares and any required approvals. It follows Janus’s recently announced A$11 million CBA facilities, which were secured to support working capital, equipment and production expansion for its North American deliveries.
Battery supply becomes the next execution test
Each Janus truck conversion uses approximately 600 kWh of Electrovaya battery capacity. The supplier’s planned expansion at Jamestown, New York, covering lithium-ion cell, module and battery-pack production, is expected to begin operations during Electrovaya’s 2027 financial year. Janus said greater regional manufacturing capacity could reduce freight costs and delivery times, while limiting exposure to some tariffs on imported battery products.
The commercial signal is therefore meaningful, but not yet equivalent to A$37.5 million of realised revenue. Janus says battery payments depend on an agreed delivery schedule, while some underlying customer commitments may remain conditional on incentive-program confirmation and due diligence. The next hard evidence will be the final placement terms, confirmed delivery milestones and the conversion of truck commitments into vehicles on the road.
Bottom Line?
Janus now has strategic supplier backing and batteries moving, but execution depends on binding delivery schedules, funding conditions and turning 124 commitments into deployed trucks.
Questions in the middle?
- What will be the final placement price, share count and resulting dilution once Janus completes the pricing process?
- How quickly can Electrovaya fulfil the A$37.5 million indicative battery programme as North American deliveries scale?
- How many of the 124 truck orders and commitments will convert into completed vehicles and recognised revenue?