ReNu Energy Limited has advised it intends to acquire 100 per cent of electric truck battery manufacturer Janus Electric and will be renamed Janus Electric Holdings Limited to reposition itself as a heavy transport electrification business.
The news has come following ReNu’s February 6 announcement of its intention to sell its Countrywide Hydrogen business, including its Tasmanian green hydrogen project to Countrywide Hydrogen Holdings Pty Ltd.
The acquisition will see ReNu appoint an entirely new board of directors, with co-founder and CEO Lex Forsyth set to take on the role of Chief Operating Officer at the merged entity.
ReNu is required to obtain shareholder and regulatory approval as per the ASX, and it is set to launch a capital raising between $8 million and $10 million through the issuing of new shares in ReNu Energy to scale Janus commercial operations.
The proposed Chair of the merged entity Dennis Lin labels the acquisition as “transformational” for ReNu Energy.
“Janus presents a compelling value proposition for its customers, reflected in the strong uptake from major industry players including Qube and Cement Australia,” Lin says.
“The calibre of existing customers and positive feedback from truck drivers highlights the real-world viability of the technology.
“With significant demand already in place, Janus is well-positioned to scale up quickly and fulfil existing orders while driving further adoption across the transport sector.”
“The acquisition of Janus Electric is a transformational step change for ReNu Energy, positioning the company as a pioneer in the electrification of heavy road transport.”
The Capital Raise will consist of a public offer of no less than 40 million shares and no more than 50 million shares (on a post-Consolidation basis) at a price of $0.20 per share and will have a minimum subscription of $8 million.
“The Capital Raise will provide the funding needed to scale commercial operations, expand infrastructure and accelerate market adoption,” Lin continues.
“This strategic transaction positions ReNu Energy for long-term growth with an established operating business while creating value for shareholders as we capitalise on the growing demand for cost effective decarbonisation solutions in heavy transport.”
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