ReNu Energy Ltd is set to reinvent itself as an electric vehicle technology company through the proposed acquisition of Janus Electric Limited. The reverse takeover (RTO) will see ReNu shift its focus from hydrogen to electric transport and re-list as Janus Electric Holdings Limited.
The company is aiming to raise between $8 and $10 million and interested investors can view the prospectus and apply online using the following link: https://events.miraqle.com/rne-offer/ The minimum investment per entity is $2,000 and the offer closes 5:00pm (AEST), Wednesday May 7, 2025.
The transaction includes the full acquisition of Janus Electric, which has developed a patented swappable battery and truck conversion system. The technology enables electric trucks to swap batteries in under four minutes — a major improvement over traditional charging times — and has already been used to convert 23 trucks, with 142 orders in progress.
“The proposed acquisition of Janus Electric represents a pivotal opportunity to scale a validated technology platform, featuring a unique 4-minute battery exchange, driving the transformation of heavy road transport,” managing director Greg Watson said.
Anchor investor commits $2M
To fund growth, ReNu is raising between A$8 million and A$10 million through the issue of 40 million to 50 million shares at 20 cents per share. Proceeds will be directed to battery inventory, charging infrastructure, workshop upgrades, and expansion of the Janus Ecosystem.
ReNu’s strategic shift comes amid waning investor appetite for green hydrogen.
“Given the current unfavourable market conditions for green hydrogen investment… the company has decided to pursue alternative opportunities,” the prospectus states.
Despite recent market volatility, the company has secured an anchor investor for the raise. Kjøller DMCC, a private investment firm founded by Danish entrepreneur Magnus Kjøller, is committing A$2 million. The firm brings significant international experience in fintech, logistics, and greentech, and its support reflects confidence in Janus’ potential, particularly across Europe and the Middle East where clean transport demand is rising.
Kjøller’s involvement is expected to aid Janus' global expansion, providing both capital and strategic networks.
ReNu shareholders voted on the Proposed Acquisition in March. The capital raise is scheduled to reach final close on Wednesday, 7 May. Following completion, the company will seek re-quotation on the ASX with a renewed focus on electrifying heavy transport.
Charge and change
The acquisition follows the sale of its Countrywide Hydrogen business and geothermal assets and repositions ReNu as a debt-free listed vehicle focused on commercialising Janus Electric’s swappable battery technology for prime mover trucks.
Janus’ patented Charge and Change system enables a four-minute battery swap, removing significant operational barriers to electrification in the freight and logistics sectors.
Founded in 2019 and headquartered in Berkeley Vale, New South Wales, Janus has converted 23 trucks and holds 142 binding orders. It expects to complete at least 39 further conversions within 18 months of the takeover. Major fleet operators including Cement Australia and Qube are among its early adopters.
Incoming managing director Ian Campbell said the transaction positions the company to “unlock outstanding growth opportunities.”