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Electrovaya is partnering with an Australian company that specializes in diesel-to-electric conversions of Class 8 heavy-duty trucks.
Company officials said Wednesday that Electrovaya has entered into a strategic supply agreement with Janus Electric Holdings Limited. Janus is making a $26 purchase order for Electrovaya’s lithium-ion battery systems to meet initial demand for Janus products in the United States and Canada. As part of the strategic alignment, Electrovaya has entered into a term sheet to invest $1.4 million into Janus in exchange for up to 4.2 million shares, together with up to 6.3 million warrants. Janus has been a customer of Electrovaya's since 2025.
The move is directly tied to Electrovaya's Ellicott gigafactory. With deliveries to Janus now underway, Electrovaya is supplying battery systems to support the start of Janus’s North American customer deployments. Electrovaya is also expanding its North American manufacturing capacity, including lithium-ion cell, module and battery pack production at its facility in Ellicott, which is expected to come online during the company’s 2027 fiscal year.
"Class 8 trucking is one of the most exciting and demanding frontiers in electrification, and Janus has demonstrated real commercial traction with fleets in the United States, Canada and Australia," said Dr. Raj Das Gupta, CEO of Electrovaya. "Janus has developed a practical solution to one of the major challenges facing heavy transport, enabling diesel-powered trucks to be converted to electric without compromising their commercial operations. With deliveries now underway, we are pleased to support Janus as it moves from orders to deployments. Our strategic investment, together with the warrants, aligns us closely with Janus’s long-term growth."
Class 8 trucks, the heaviest category of on-road commercial vehicles, are among the largest consumers of diesel fuel, making their electrification one of the most significant, and most demanding, applications for battery technology. Janus’s approach converts existing diesel prime movers to battery-electric operation and pairs them with swappable battery packs and Janus Charge & Change Stations, allowing fleets to exchange batteries in minutes rather than wait hours to recharge, and to electrify without the capital cost of purchasing new trucks. Electrovaya’s lithium-ion battery systems, which incorporate the company's proprietary Infinity Battery Technology, are well suited to the repeated daily swap cycles of the Janus model.
Janus Electric has secured orders and commitments for 124 heavy-duty truck conversions across the United States and Canada. Among Janus' recent contracts is with California-based King Fio Trucking, which placed a repeat order for six Class 8 electric truck conversions and six JBS-650 swappable battery sets, increasing its total commitment to 12 trucks and 14 battery sets.
Janus expects to deliver 18 operational trucks in Los Angeles before December 31 which will include the first
six King Fio Trucks, four for Ability Tri-Modal, and six for Tradelink. This will bring the operational vehicle
total to 46 across the United States and Australia. The additional order has a gross value of approximately $3 million (Australian dollars) and is conditional upon approval of the applicable California incentives and will be fulfilled by Janus’ US conversion partner, Electric Vehicle Choice, in Santa Fe Springs, Calif. King Fio operates container transport services associated with the Ports of Los Angeles and Long Beach. The six additional trucks will use the charging and battery-swapping infrastructure included in King Fio's original order, comprising a Janus Charge and Change Station (JCCS) with two 250 kW chargers, avoiding the need for an additional charging station.
Under the companies' existing supply relationship, Electrovaya provides lithium-ion battery systems incorporating its proprietary Infinity Battery Technology for use in Janus Electric's diesel-to-electric truck conversion and battery-swapping platform. The battery systems are designed for demanding, high-utilization applications where safety, reliability and long battery life are critical. Each Janus Electric truck conversion uses 600 kWh of Electrovaya battery capacity. In Australia, Janus continues to serve existing customers and is advancing a pipeline of opportunities across the mining, linehaul and quarry sectors.
The strategic equity investment of A$2.0 million in Janus Electric through a share placement, subject to completion conditions. The investment builds on the Company's existing battery supply agreement established in July 2025 and represents a further commitment by Electrovaya to Janus Electric's technology and commercial growth. It will provide additional working capital to support Janus Electric's expansion, particularly in the United States and Canada, while strengthening the strategic relationship between the two companies.
In conjunction with the battery supply agreement, Electrovaya has entered into a term sheet to make a strategic equity investment of $1.4 million in Janus, which the Australian company plans to use for working capital. The placement shares will be issued at the five-day volume-weighted average price of Janus shares on the Australian Securities Exchange prior to signing, totalling 4.2 million shares. At completion, Janus will also issue to Electrovaya, for no additional consideration, warrants equal to 150% of the number of placement shares issued. Each warrant will be fully vested on issuance, will entitle Electrovaya to acquire one ordinary share of Janus at an exercise price equal to 125% of the placement issue price, and will expire three years after issued.
"Electrovaya is an important partner to Janus Electric, and we’re particularly pleased it has decided to invest directly in our business. The investment is a strong vote of confidence in our technology and approach to electrifying heavy transport," said Ben Hutt, Managing Director and CEO of Janus Electric. "Reliable battery supply is critical to our growth, and Electrovaya’s expanding North American manufacturing capabilities will be important as we scale. Both companies see considerable opportunity in this market, and we look forward to building on our partnership."
The deal is similar to a stock warrant deal Electrovaya announced earlier with Amazon. As part of the earlier agreement, Amazon will receive warrants to purchase up to 13,880,345 common shares of Electrovaya, which become fully vested upon Amazon achieving cumulative future purchases of $280 million, with a portion of the warrants vesting immediately upon execution of the agreement, and an exercise price based on the five -day volume weighted average trading price immediately prior to the date of the agreement.
The vesting of stock warrants is the process by which an investor, executive or advisor earns the right to exercise a contract to buy company shares at a fixed price. Vesting is typically contingent on specific criteria such as passing time, performance milestones, or volume commitments. Part of the Electrovaya-Amazon partnership is that Amazon agrees to continue deploying Electrovaya’s batteries for Amazon's material handling operations, as well as potentially partnering with Electrovaya as the company potentially expands into robotics and energy storage.