Clean energy incubator ReNu Energy has announced the proposed acquisition of zero emission transport company Janus Electric via reverse takeover on the Australian Securities Exchange (ASX).
Founded in Australia in 2020, Janus Electric entered the market with swappable batteries and conversion kit technology.
The Janus ‘charge and change’ infrastructure is reported to enable a four-minute battery exchange compared to hours of downtime required for fixed-battery electric trucks to recharge.
Upon completion, the company will be renamed Janus Electric Holdings Limited.
ReNu has launched an offer to raise AUD$8-10 million to accelerate the rollout of swappable battery technology for heavy transport.
Majority shareholding is expected to be retained by Janus stakeholders in the merged entity.
Completion of the acquisition is subject to shareholder approvals being obtained and ReNu Energy satisfying chapters 1 and 2 of the ASX listing rules.
As for the board and senior management, Dennis Lin is poised to provide strategic guidance.
“On behalf of the proposed board members and management, I am very excited to be supporting another founder-led business,” said Lin.
“Particularly, one that is looking to provide economically attractive solutions that are also reliable and sustainable as we move forward,” he said.
Ian Campbell is expected to be appointed managing director and Janus founder Lex Forsyth will continue to focus on operational leadership and business development as chief operating officer.
“We are thrilled to see another founder-led business debut on the ASX,” said proposed non-executive director, Kristy Carr.
“The Janus technology is truly groundbreaking and set to disrupt the heavy road transport industry as it moves towards decarbonising the sector.”
This move, according to Janus, will reposition the company as a leader in heavy vehicle electrification by providing fleet operators with a ‘low capex solution’ to repurpose existing prime movers.
Janus technology is reported to be agnostic to truck type and battery chemistry that is ideal for flexibility and scalability.
The business will lean on an established subscription-based model to generate recurring revenues and aims to increase truck conversions to drive higher adoption of Janus ‘charge and change’ infrastructure, batteries and software systems.
The Janus ‘charge and change’ infrastructure is reported to enable a four-minute battery exchange compared to hours of downtime required for fixed-battery electric trucks to recharge.
In terms of annual recurring revenue, once a truck is converted, Janus establishes a relationship with its customers and typically charges truck conversion fees, daily battery hire, electricity and usage, forklift authentication fees for battery swaps and subscription fees for real-time fleet management.
