Janus Electric reports quarterly update with $12.2M raised

·       Janus Electric released its quarterly activities report highlighting operational progress, including a target of 50 to 75 trucks on the road by Dec. 31.

·       Following the update, the Janus Electric share price was up at $0.29.

·       The company stated that the capital raises and growth strategy are intended to support the scale-up of heavy transport electrification.

Janus Electric (ASX:JNS) released its quarterly activities report for the period ended June 30, outlining progress on its commercial truck conversion strategy and funding initiatives.

The transitional quarter followed the company's previous focus on addressing legacy obligations, refinancing borrowings, and investing in technical capabilities.

The company stated that it raised a total of $12.2 million through a $4.5 million placement in May and a $7.7 million capital raising in July.

Janus Electric stated that it remains on track to meet its target of having 50 to 75 trucks on the road by Dec. 31.

Following the announcement, the Janus Electric share price was up at $0.29.

The business previously launched its Three-Horizon Growth Strategy in April to scale its platform across Australia, the United States, and Canada.

Operational updates during the period included establishing its first South Australian dealer-led conversion centre in partnership with Archer Heavy Equipment.