If all goes to plan over the next few weeks, NSW-based electric truck converter Janus Electric, will soon morph into a publicly listed company with backing to rapidly scale up its expansion plans.
The Central Coast start-up has struck up a reverse takeover deal with the ASX-listed ReNu Energy, an Australia-based company that delivers clean energy products and services.
Instead of going through a costly and time-consuming listing process itself, Janus will use the shell of ReNu Energy which already has all the ASX structure in place.
ReNu will acquire 100 per cent of Janus’ issued share capital in exchange for ReNu shares and be renamed Janus Electric Holdings Limited when the acquisition is finalised.
To support the transition, ReNu released a Capital Raising Offer (CRO) today at 20 cents per ordinary share to raise between $8 million and $10 million.
The deal will also see a new management structure with Ian Campbell, a former Citigroup Australia banker as managing director, and co-founder Lex Forsyth taking on the chief operating officer duties.
Forsyth told Big Rigs that he’s excited about the difference the deal will make to the growth at Janus.
He said 30 per cent of the CRO allocation had already been picked up by day one and is confident that the initial offering will be closed out quickly.
“It’ll see us scale production and assembly of trucks and lift our build rate quite significantly,” said Forsyth when asked about what difference the new funds will make.
“It will also lead to an infrastructure and battery fund that will scale the volume of batteries within the business as well.”
- For more about the new deal, grab your free copy of the March 28 issue of Big Rigs from the usual outlet.