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Janus Electric Holdings (ASX:JNS) has secured a commercial supply agreement that guarantees the supply of “next-generation” lithium-ion battery packs to support the company’s heavy transport electrification plans.
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The deal was signed with dual-listed Canadian manufacturer Electrovaya Inc., a technology provider that has been in the battery supply game for some time now.
The agreement will cost as much as US$1.34 million over the next three months, with an automatic extension inked into the paperwork that can only be cancelled if either side flags the break at least 120 days before splitting.
The multinational deal should “remove bottlenecks, reduce operational risk, and accelerate Janus’s ability to scale” as it continues its battery developments.
Under the terms of the Australia-North America deal, Electrovaya will provide engineering and development services as Janus works on research and development and future customised battery pack prototypes.
“Partnering with Electrovaya significantly strengthens our battery platform by introducing a proven, safe, and high-cycle life solution that aligns with the needs of our customers and our future scaling plans,” Janus CEO Ian Campbell said.
Janus will own all IP related to the pack design, excluding underlying lithium-ion cell IPs.
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“Securing a world-class battery partner was a key strategic priority for us following our ASX listing,” Mr Campbell added. “We’ve now delivered on that objective.”
Janus originally listed on the ASX in May this year, raising $8.8M for deals like this.
JNS shares are selling at 15c each heading into Tuesday’s trade.
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