Janus Electric Holdings Ltd (ASX:JNS) has secured a $2.75 million R&D finance facility, handing the electric heavy transport company fresh working capital to advance its battery-electric conversion technology without diluting shareholders.
The facility, executed through wholly owned subsidiary Janus Energy Pty Ltd with lender Rockford RDF Pty Ltd, immediately retired a $1.053 million loan from prior lender Rocking Horse Group. The move leaves Janus with roughly $1.7 million in net new capital — a buffer the company says will carry it through to receipt of its $1.41 million FY25 R&D Tax Incentive refund, expected from the ATO in the near term.
Straightforward structure
Rockford advances up to 100% of eligible R&D expenditure incurred between July 2025 and February 2026, at 17% per annum with a 1% capitalised establishment fee. Repayment is due no later than April 30, 2027, and will be drawn directly from Janus's FY26 R&D Tax Incentive refund — with the ATO directed to pay into the lender's nominated account.
The arrangement is non-dilutive, a point Janus was quick to flag given the tough conditions facing small-cap raisers on the ASX.
Janus is developing drivetrain conversion systems that retrofit existing diesel trucks with battery-electric technology — targeting fleet operators who face the cost and complexity of full vehicle replacement as emissions regulations tighten. The company says the funding will support continued R&D and commercialisation activity across that program.
Increasing commercial traction
Janus recently pointed to increasing commercial traction in the US after securing further California orders for its heavy-vehicle electrification system worth about A$1.6 million.
Managing director and CEO Ben Hutt said the order, placed through authorised dealer Electric Vehicle Choice (EVC), includes two conversion systems, three pairs of batteries and a Janus Charge and Change Station.
The new order expands Janus’ commercial presence in California, which remains a key market for the company due to policy and regulatory backing for zero-emission heavy transport.
