Janus Electric secures $37.5M battery deal

Janus Electric (ASX:JNS) has agreed to terms with battery maker Electrovaya (NASDAQ:ELVA) for a $2 million equity investment alongside placing $37.5 million in battery purchase orders.

The new deal expands on an existing battery supply agreement that the two companies first established in July 2025.

The company stated that Electrovaya will receive placement shares issued at the five-day volume-weighted average price of Janus Electric shares on the ASX prior to signing.

Janus Electric Managing Director and CEO, Ben Hutt said, "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.”

Under the terms, Electrovaya will also receive warrants equal to 150% of the placement shares, exercisable at 125% of the issue price over three years.

Janus Electric said the capital injection will support its operations as battery deliveries begin for 124 truck orders in North America.

Following the announcement, the Janus Electric share price was unchanged at $0.61.

The company expects Electrovaya's manufacturing footprint in the US and Canada to strengthen its long-term battery supply chain.