SYDNEY: ReNu Energy Limited (ASX: RNE) announced plans to acquire 100% of the issued share capital of Janus Electric Limited, a strategic acquisition that aims to position ReNu Energy as a leader in heavy transport electrification.
The acquisition will be executed through a Share Purchase Agreement, with ReNu Energy issuing 50 million shares on a post-consolidation basis.
Janus Electric is known for its battery-swapping technology for diesel truck conversion, catering to over 124,000 registered prime mover trucks in Australia. This technology is expected to expedite industry decarbonization and create multiple recurring revenue streams for ReNu Energy.
Following the acquisition, ReNu Energy will be renamed Janus Electric Holdings Limited (ASX: JNS). The company will undergo a board and management refresh, with Dennis Lin as Chair, Ian Campbell as Managing Director, and Janus’ founder Lex Forsyth as Chief Operating Officer.
Dennis Lin, the proposed incoming Chair of the merged entity, emphasized the acquisition’s transformational nature, highlighting Janus Electric’s scalable and high-margin business model.
Lin stated that this move would position ReNu Energy as a pioneer in the electrification of heavy road transport, leveraging Janus’ patented technology and strong market demand.
To fund the scaling of Janus’ commercial operations, expansion of infrastructure, and market adoption of Janus technology, a capital raise of between $8 million and $10 million is planned. This strategic transaction aims to create long-term growth and value for shareholders while addressing the rising demand for cost-effective decarbonization solutions in heavy transport.