Electrovaya Enters into a Strategic Supply Agreement with Janus Electric with Approximately $26 Million in Initial Orders

Battery deliveries are already underway to support Janus's initial North American customer deployments.

Rhea-AI Summary

Electrovaya (NASDAQ:ELVA; TSX:ELVA) entered a battery supply agreement with Janus Electric, securing approximately $26 million in initial purchase orders. The orders support Janus's diesel-to-electric truck conversions in the United States and Canada, with battery deliveries already underway.

Electrovaya also signed a term sheet to invest approximately A$2.0 million (US$1.4 million) in Janus through a direct placement for approximately 4.2 million shares, with up to 6.3 million warrants. Completion is subject to conditions including ASX quotation of the placement shares and receipt of any required approvals.

Electrovaya is expanding North American manufacturing capacity, including cell, module and battery pack production at Jamestown, New York. The facility is expected to come online during the company's 2027 fiscal year.

4 points · 1 major

PositiveiHow this balance works

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 2 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major pointJanus supply agreement brings approximately $26 million in initial purchase orders for Electrovaya battery systems. 10% of market cap
• Moderate point. Forward-looking: it has not happened yet and may not happen.North American manufacturing expansion includes Jamestown production expected online during fiscal 2027.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Proposed Janus investment provides approximately 4.2 million shares and up to 6.3 million warrants.
• Minor pointBattery deliveries are underway to support Janus's initial North American customer deployments.

Negative

• Moderate point. Forward-looking: it has not happened yet and may not happen.Proposed Janus equity investment requires approximately A$2.0 million (US$1.4 million) from Electrovaya.
• Minor pointPlacement completion remains subject to ASX quotation of shares and receipt of any required approvals.

News Explained

Under the term sheet, at placement completion Janus would issue Electrovaya warrants equal to 150% of the placement shares; each warrant buys one Janus share at 125% of the placement price and expires after three years. Exercise would add Janus shares to Electrovaya’s holding, so any resulting dilution would be at Janus, not Electrovaya.

Argus 15 min delay 25 alerts

+12.64% vs previous close $5.88 last price 5.5x rel. volume Open Argus

Details

Market move: ELVA +12.64% vs previous close. Janus supply partnership

$5.23 – $5.92 Day Range

$293.99M Mkt Cap at Last Price

On Oct 28, the day this news came out, the latest delayed price for ELVA is 12.64% above the previous close. Our momentum scanner has recorded 25 alerts for this stock so far that day. The latest delayed price is $5.88. Relative volume is exceptionally heavy at 5.5x the average.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.

Key Figures

Initial purchase orders: $26 million Equity investment: US$1.4 million Placement shares: 4.2 million shares +4 more

Initial purchase orders

$26 million

Janus supply agreement; amount is qualified in the article

Equity investment

US$1.4 million

Electrovaya direct placement investment in Janus; amount is qualified in the article

Placement shares

4.2 million shares

Janus shares issued to Electrovaya under the term sheet

Warrants

150% of placement shares issued

Issued to Electrovaya for no additional consideration

Warrant exercise price

125% of the placement issue price

Per Janus warrant

Warrant expiry

3 years

From the date of issuance

Manufacturing capacity timing

Fiscal 2027

Jamestown cell, module and battery pack production expected to come online

Key Terms

direct placement, volume-weighted average price, warrants, exercise price

4 terms

direct placement financial

"by way of a direct placement"

A method of selling a company’s securities directly to selected investors—often institutional buyers or accredited individuals—without using an underwriter or a broad public offering. Terms, price and quantity are typically negotiated privately between the issuer and the purchaser; the securities sold this way frequently carry resale restrictions and lower immediate liquidity than securities sold in a public underwriting.

volume-weighted average price financial

"at the five-day volume-weighted average price of Janus shares"

Volume-weighted average price (VWAP) is the average price of a stock over a specific time period where each trade is weighted by the number of shares traded, so larger trades influence the average more than small ones. Investors and traders use VWAP as a reference point to judge whether trades are happening at relatively good or poor prices—like checking the average price paid for an item at a market where bulk purchases count more than single-item buys.

warrants financial

"Janus will also issue to Electrovaya, for no additional consideration, warrants"

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

View in glossary

exercise price financial

"at an exercise price equal to 125% of the placement issue price"

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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TORONTO, ON / ACCESS Newswire / October 28, 2026 / Electrovaya Inc. ("Electrovaya" or the "Company") (NASDAQ:ELVA)(TSX:ELVA), a lithium-ion battery technology and manufacturing company, today announced that it has entered into a strategic supply agreement with Janus Electric Holdings Limited ("Janus") (ASX:JNS), an Australian developer of diesel-to-electric conversion and battery-swapping systems for Class 8 heavy-duty trucks, with approximately $26 million in initial purchase orders 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 approximately US$1.4 million in Janus for up to 4.2 million shares, together with up to 6.3 million warrants.

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 its proprietary Infinity Battery Technology and are designed for safety, reliability and long cycle life in high-utilization applications, are well suited to the repeated daily swap cycles of this model.

Janus has built a significant order book across the United States, Canada and Australia. To date, Janus has secured orders and commitments for 118 truck conversions in the United States and Canada. In Australia, Janus continues to serve existing customers and is advancing a pipeline of opportunities across the mining, linehaul and quarry sectors. Approximately 600kWh of Electrovaya batteries are utilized per truck conversion.

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 Jamestown, New York, which is expected to come online during the Company's 2027 fiscal year.

"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."

"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."

In conjunction with the supply agreement, Electrovaya has entered into a term sheet to make a strategic equity investment of approximately A$2.0 million (US$1.4 million) in Janus by way of a direct placement. The placement shares will be issued at the five-day volume-weighted average price of Janus shares on the Australian Securities Exchange ("ASX") prior to signing, totalling approximately 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 from the date of issuance. Completion of the 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.

Investor Contact:     

Jason Roy
VP, Corporate Development and Investor Relations
Electrovaya Inc.
jroy@electrovaya.com
905-855-4618

Media Contact: 

ICR Inc.
electrovaya@icrinc.com

About Electrovaya Inc.

Electrovaya Inc. (NASDAQ:ELVA)(TSX:ELVA) is a pioneering leader in the global energy transformation, focused on contributing to the prevention of climate change by supplying safe and long-lasting lithium-ion batteries without compromising energy and power. The Company has extensive IP and designs, develops and manufactures proprietary lithium-ion batteries, battery systems, and battery-related products for energy storage, clean electric transportation, and other specialized applications. Electrovaya has two operating sites in Canada and a 52-acre site with a 135,000 square foot manufacturing facility in Jamestown, New York for its planned gigafactory. To learn more about how Electrovaya is powering mobility and energy storage, please explore www.electrovaya.com.

About Janus Electric Holdings Limited

Janus Electric Holdings Limited (ASX: JNS) is an Australian electric vehicle technology company that converts diesel prime movers to battery-electric operation and provides swappable battery packs and Charge & Change Stations for heavy-duty trucking fleets in Australia and North America.

Forward-Looking Statements

This press release contains forward-looking statements, including statements regarding the Company's supply agreement with Janus, the value, timing and fulfillment of purchase orders and deliveries under that agreement, the completion, terms and expected benefits of the Company's equity investment in Janus and the related warrants, Janus's order book and customer deployments, the timing and success of the start-up of manufacturing at the Company's Jamestown, New York facility, the expected benefits of regional battery production, and demand for battery systems in Class 8 and other heavy-duty truck applications. Forward-looking statements can generally be identified by words such as "expects," "anticipates," "believes," "intends," "plans," "will," "may" and similar expressions. These statements are based on management's current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially, including the confirmation of delivery schedules for the Janus purchase orders, Janus's ability to convert its orders and commitments, including conditional orders, into deliveries, the availability of customer incentive programs, the satisfaction of conditions to completion of the Janus placement, including ASX quotation and required approvals, fluctuations in the Janus share price and currency exchange rates, the timing of customer orders and deliveries, equipment testing and commissioning outcomes, supply chain conditions, macroeconomic and trade conditions, and the other risk factors described in the Company's filings with securities regulators. The purchase orders from Janus referenced in this release will not become binding until a delivery schedule has been confirmed, and there can be no assurance that the full value of such orders will be realized. U.S. dollar amounts converted from Australian dollars are approximate and based on prevailing exchange rates. Except as required by law, the Company undertakes no obligation to update any forward-looking statement.

SOURCE: Electrovaya, Inc.

View the original press release on ACCESS Newswire

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much are Electrovaya's initial battery orders under the Janus Electric agreement?

Electrovaya received approximately $26 million in initial purchase orders under its supply agreement with Janus Electric. The batteries will support initial demand for Janus products in the United States and Canada, and deliveries are already underway.

What are the pricing and warrant terms of Electrovaya's proposed Janus investment?

The placement shares will be priced at Janus's five-day volume-weighted average share price on the ASX before signing. At completion, Electrovaya will receive warrants for no additional consideration equal to 150% of placement shares issued. Each fully vested warrant permits purchase of one Janus ordinary share at 125% of the placement price and expires three years after issuance.