Electrovaya Lands ~$26M Initial Orders in Janus Heavy-Truck Battery Supply Deal
ELVA sits 29% above its 52-week low of $4.1.
Summary
Electrovaya signed a strategic supply agreement with Australia's Janus Electric, an Australian developer of diesel-to-electric conversion and battery-swapping systems for Class 8 heavy-duty trucks, carrying roughly $26 million in initial purchase orders for its lithium-ion battery systems in the U.S. and Canada. Deliveries are already underway, and Janus has secured orders and commitments for 118 truck conversions in the U.S. and Canada, with about 600kWh of Electrovaya batteries used per conversion. Electrovaya is also putting about $1.4 million into Janus via a direct placement for up to 4.2 million shares plus up to 6.3 million warrants, tying it to the customer's growth. The order value is meaningful against a small-cap base and gives the company a commercial foothold in heavy-duty truck electrification, a segment where it had no disclosed volume. Caveat: the purchase orders do not become binding until a delivery schedule is confirmed, so the full $26 million is not guaranteed. This follows the October 14 business update confirming record FY2026 revenue and Jamestown manufacturing progress; the Jamestown cell, module and pack lines are expected online in fiscal 2027 to support this demand.
At the time of this announcement, ELVA was trading at $5.29 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $261M. The 52-week trading range was $4.10 to $12.78. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: ACCESS Newswire.