Electrovaya Inc. has entered into a strategic supply agreement with Janus Electric Holdings Limited involving approximately $26 million in initial purchase orders for lithium-ion battery systems. The batteries are intended to support Janus’s products in the United States and Canada, although the purchase orders will not become binding until a delivery schedule is confirmed.
Alongside the supply arrangement, Electrovaya has entered into a term sheet for a direct placement in Janus worth approximately A$2.0 million (US$1.4 million). The investment is expected to involve approximately 4.2 million Janus shares.
At completion, Janus would issue Electrovaya warrants representing 150% of the number of placement shares issued, up to 6.3 million warrants, without additional consideration. Each warrant would be fully vested when issued, provide the right to acquire one ordinary Janus share at 125% of the placement issue price, and expire three years from issuance.
Completion of the placement remains subject to customary conditions, including ASX quotation of the placement shares and receipt of any required approvals. Janus intends to use the proceeds for working capital purposes.
Janus develops systems that convert diesel prime movers into battery-electric vehicles and uses interchangeable battery packs with its Charge & Change Stations. The system is designed for Class 8 heavy-duty trucks and allows fleets to replace battery packs rather than wait for a conventional charging cycle.
Electrovaya said approximately 600kWh of its batteries are used for each truck conversion. Its systems incorporate Infinity Battery Technology and are designed for high-utilisation applications involving repeated daily battery swaps.
According to Electrovaya, Janus has secured orders and commitments covering 118 truck conversions in the United States and Canada. The Australian company continues to serve existing customers in Australia and is progressing opportunities in the mining, linehaul and quarry sectors.
Electrovaya said deliveries to Janus are underway, supporting the start of Janus’s North American customer deployments. The company is also expanding production capacity in North America, including lithium-ion cell, module and battery-pack manufacturing at its Jamestown, New York facility.
Electrovaya expects the Jamestown facility to come online during its 2027 fiscal year. The company said the timing and success of the facility’s start-up, as well as the value, timing and fulfilment of the Janus orders, remain subject to risks and uncertainties.
Electrovaya said the full value of the purchase orders may not be realised. It identified risks including confirmation of delivery schedules, Janus’s ability to convert orders and commitments, including conditional orders, into deliveries, the availability of customer incentive programmes, and the conditions required to complete the placement.
Other risks cited by the company include fluctuations in Janus’s share price and currency exchange rates, the timing of customer orders and deliveries, equipment testing and commissioning outcomes, supply chain conditions, and macroeconomic and trade conditions. Customer deployments, the equity investment and warrants, and demand for battery systems in heavy-duty truck applications were also identified as forward-looking matters subject to uncertainty.
Electrovaya has entered a strategic supply agreement with Janus involving approximately $26 million in initial purchase orders.
The purchase orders will not become binding until a delivery schedule has been confirmed.
Electrovaya’s proposed Janus investment is approximately A$2.0 million (US$1.4 million) for approximately 4.2 million shares, with up to 6.3 million warrants.
Completion of the placement depends on customary conditions, including ASX quotation of the placement shares and any required approvals.
Electrovaya said battery deliveries are underway, while its Jamestown facility is expected to come online during the Company’s 2027 fiscal year.
Electrovaya announced that it had entered into a strategic supply agreement with Janus Electric Holdings Limited, including approximately $26 million in initial purchase orders for Electrovaya’s lithium-ion battery systems. Electrovaya also entered into a term sheet to invest approximately US$1.4 million in Janus for up to 4.2 million shares and up to 6.3 million warrants.
Electrovaya’s announcement was published on October 28, 2026. It covers the strategic supply agreement, the initial purchase orders, the proposed equity investment and the associated warrants.
The purchase orders from Janus will not become binding until a delivery schedule has been confirmed, according to Electrovaya. The company also stated that there can be no assurance that the full value of the orders will be realised.
Electrovaya has entered into a term sheet for a direct placement of approximately A$2.0 million (US$1.4 million) in Janus. The placement is expected to total approximately 4.2 million shares, with Janus also issuing warrants equal to 150% of the number of placement shares issued for no additional consideration.
Each warrant will be fully vested on issuance, entitle Electrovaya to acquire one ordinary share of Janus at an exercise price equal to 125% of the placement issue price, and expire three years from the date of issuance. The warrants are subject to completion of the placement.
Completion of Electrovaya’s placement is subject to customary conditions, including ASX quotation of the placement shares and receipt of any required approvals. Janus intends to use the proceeds for working capital purposes.
Janus develops diesel-to-electric conversion and battery-swapping systems for Class 8 heavy-duty trucks. Its approach converts existing diesel prime movers to battery-electric operation and uses swappable battery packs and Janus Charge & Change Stations, allowing fleets to exchange batteries in minutes rather than wait hours to recharge.
Approximately 600kWh of Electrovaya batteries are utilised per truck conversion. Electrovaya said its lithium-ion battery systems incorporate its proprietary Infinity Battery Technology and are designed for safety, reliability and long cycle life in high-utilisation applications.
Janus has secured orders and commitments for 118 truck conversions in the United States and Canada, according to Electrovaya. Janus also continues to serve existing customers in Australia and is advancing opportunities across the mining, linehaul and quarry sectors.
Yes, Electrovaya said deliveries to Janus are now underway. The battery systems are intended to support the start of Janus’s North American customer deployments.
Electrovaya is expanding its North American manufacturing capacity, including lithium-ion cell, module and battery pack production at its facility in Jamestown, New York. The facility is expected to come online during Electrovaya’s 2027 fiscal year.
Electrovaya CEO Dr. Raj Das Gupta said the strategic investment, together with the warrants, aligns the companies closely with Janus’s long-term growth. Janus CEO Ben Hutt said reliable battery supply was critical to Janus’s growth and that Electrovaya’s expanding North American manufacturing capabilities would be important as Janus scales.
Electrovaya identified risks including confirmation of delivery schedules, Janus’s ability to convert orders and commitments, including conditional orders, into deliveries, customer incentive programmes, conditions to completion of the placement, fluctuations in Janus’s share price and currency exchange rates, customer order and delivery timing, equipment testing and commissioning, supply chain conditions, and macroeconomic and trade conditions. The company also stated that the timing and fulfilment of purchase orders and deliveries, the investment and warrants, customer deployments and the Jamestown facility’s start-up are forward-looking matters subject to risks and uncertainties.
Electrovaya’s shares trade on NASDAQ under the ticker NASDAQ:ELVA and on the Toronto Stock Exchange under TSX:ELVA. Janus Electric Holdings Limited’s shares trade on the Australian Securities Exchange under ASX:JNS.