Electrovaya's $26 Million Janus Electric Order Covers 118 Truck Conversions and Is Not Yet Binding

Electrovaya said on Oct. 28 that Janus Electric, an Australian maker of diesel-to-electric conversions for Class 8 trucks, has placed about $26 million of initial purchase orders for Electrovaya battery systems, according to the company's filing with the SEC. The orders are not binding until a delivery schedule is confirmed, and the release says the full value may not be realised.

Electrek reported the deal on Nov. 5 alongside Janus's truck specifications.

What the order covers

Janus has secured orders and commitments for 118 truck conversions in the US and Canada, per the release, and each conversion uses approximately 600 kWh of Electrovaya batteries. That is 70,800 kWh across the 118.

The number that matters here is the price per kilowatt-hour, and the release does not state it. If the $26 million covered every one of the 118 conversions, it would be about $367 per kWh, or about $220,000 per truck. The orders are described as initial, so the real price per kWh is at least that high. Both figures are this site's arithmetic.

Item	Figure	Source
Initial purchase orders	About $26 million	Electrovaya
Conversions with orders or commitments	118	Electrovaya
Battery per conversion	About 600 kWh	Electrovaya
Reservation book, summer 2026	More than 70 units	Electrek

The two counts differ. Electrek said the reservation book passed 70 units in summer 2026, while Electrovaya's release counts orders and commitments, a looser category, at 118. Neither source says how the second figure is built.

The truck and the incentive

Per Electrek, the converted truck has a 480 hp electric motor and a standard 310 kWh pack, with up to two packs, one on each side. Range is up to 370 miles loaded. DC fast charging takes under 90 minutes, and a battery swap takes about four minutes. Electrovaya's release says only that batteries swap "in minutes."

Electrek said California's HVIP programme and the Port of Los Angeles "Plus" support can give customers up to $166,000 per conversion. Set against the roughly $220,000 implied battery spend per truck, an incentive of that size would cover about three-quarters of it, if the implied figure holds.

The equity and the plant

Electrovaya signed a term sheet for a direct placement of about $1.4 million (A$2.0 million) for up to 4.2 million Janus shares, with completion conditional on ASX quotation and required approvals. It would also receive up to 6.3 million warrants, equal to 150% of the placement shares, fully vested, exercisable at 125% of the placement price and expiring three years after issue. Electrek described the investment as a cash purchase of about $1.4 million of stock; the release describes a term sheet with conditions.

Electrovaya CEO Dr. Raj Das Gupta said: "Our strategic investment, together with the warrants, aligns us closely with Janus's long-term growth."

The company's planned plant in Jamestown, New York, covers 52 acres with a 135,000 square foot building. Cell, module and pack production is expected to start during Electrovaya's 2027 fiscal year. The release does not say which plant will build the packs for the Janus orders.

For another electric-vehicle maker's finances, see LiveWire's going-concern warning, and for battery demand on the grid side, the 20.2 GWh US storage quarter.

What would change this read

A confirmed delivery schedule would turn the $26 million from a ceiling into a contract. The first disclosure of a per-kWh price, or of how many of the 118 conversions the orders cover, would settle the arithmetic above. Neither company has given a date for either.