Janus Electric (ASX: JNS) Lands A$45M in US Orders as California Fleets Accelerate Electric Truck Transition

Janus Electric Holdings (ASX: JNS) surged more than 70% on Wednesday after announcing approximately A$45 million in new conditional orders from four California fleet operators, marking one of the company’s biggest commercial breakthroughs as it expands into the world’s largest zero-emission trucking market.

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The agreements with Golden State Express, WEHACO, Tradelink Transport and King Fio Trucking lift Janus’ North American order book from 45 to 112 diesel-to-electric truck conversions in less than a week. More importantly, the announcement signals growing commercial acceptance of the company’s broader electrification platform rather than just its truck conversion technology. (Source: Janus Electric ASX announcement.)

The new contracts include 67 diesel-to-electric truck conversion kits, 77 swappable battery packs and four Janus Charge & Change Stations. While the A$45 million headline is significant, the composition of the deal could prove even more meaningful over the long term.

Instead of simply selling conversion kits, Janus is deploying an integrated ecosystem that combines vehicles, battery swapping infrastructure and energy management. That creates opportunities for recurring revenue through battery utilisation, servicing and infrastructure support as customer fleets expand.

The latest customers operate around the Ports of Los Angeles and Long Beach, one of North America’s busiest freight corridors and a region leading the shift toward zero-emission heavy transport. California’s generous incentive programs have become a major driver of fleet electrification, helping operators reduce the upfront cost of replacing or converting diesel trucks.

The agreements remain conditional on approvals under California programs including the Hybrid and Zero-Emission Truck and Bus Voucher Incentive Program (HVIP), the Innovative Small E-Fleet (ISEF) pilot and the South Coast AQMD Voucher Incentive Program. The King Fio Trucking contract is also subject to financing under a proposed lease-to-own structure.

If approvals proceed as planned, Janus expects initial deliveries to commence during the fourth quarter of 2026, with production ramping through 2027.

For the market, the announcement represents more than another purchase order. It demonstrates that Janus is beginning to gain traction with multiple independent fleet operators rather than relying on a single customer relationship.

Golden State Express and WEHACO have each committed to 20 truck conversions, 22 battery packs and a shared battery swap station, with each contract valued at approximately A$14 million. Tradelink Transport has ordered 21 conversion kits, 25 battery packs and two Charge & Change Stations, also worth about A$14 million. King Fio Trucking has signed for six truck conversions, eight battery packs and one charging station, representing approximately A$3 million.

The broader backdrop also supports the company’s strategy. Commercial transport remains one of the most challenging sectors to decarbonise, with fleet operators weighing the high cost of purchasing new electric trucks against extending the life of existing diesel vehicles. Janus’ conversion platform offers an alternative by electrifying existing Class 8 trucks while using swappable battery technology to minimise downtime.

Chief Executive Officer Ben Hutt said, 

“Securing signed orders from four additional California fleet operators immediately after Ability Tri-Modal expanded its commitment demonstrates the strong commercial momentum building in our US business. In announcements this week, our US order book has grown from four to 87 truck conversions across five fleet operators, taking our North American order book to 112 conversions.”

He added,

 “These orders significantly broaden our US customer base and the decision of these operators to adopt the Janus conversion and battery-swap platform provides important customer validation. Our focus is now on scaling production and converting this order book into delivered vehicles and long-term recurring revenue.”

Golden State Express and WEHACO President Fred Johring said the battery swap platform allows both affiliated fleets to electrify existing trucks without sacrificing operational productivity, while California’s available grants improve the financial case for adoption.

Tradelink Transport President Rigoberto Cea described the conversion platform as another scalable solution to support the company’s goal of transitioning to a fully zero-emission fleet. King Fio Trucking Chief Executive Jennie Abarca said the technology provides another pathway to electrify existing trucks while maintaining productivity in demanding port operations.

Although the contracts are still subject to incentive approvals and financing conditions, the announcement marks a notable shift in Janus Electric’s commercial story. Rather than remaining an emerging technology developer, the company is beginning to build a diversified customer base in one of the world’s most competitive freight markets. Successful execution of these orders could strengthen recurring revenue, improve manufacturing visibility and position Janus to capture further opportunities as heavy transport electrification accelerates across North America.