ElevenEs announced it has completed the first closing of its Series B investment round, backed by Caterpillar Venture Capital, a wholly owned subsidiary of Caterpillar Inc.. An affiliate of BST (HK) Ltd., a Hong Kong-based commodity trading house, also participated in the round.
The proceeds from the transaction will support the initial phases of infrastructure and equipment for ElevenEs’ planned 1GWh Lithium Iron Phosphate battery cell mega factory in Subotica, Serbia, with construction set to begin in February 2026. The company expects to deliver its first battery cells from the facility in 2027.
The project marks a major step in advancing European battery manufacturing capacity. ElevenEs is scaling its proprietary LFP Edge battery technology to meet performance requirements across industrial vehicles and equipment in mining, construction, rail, and marine segments, as well as battery electric vehicles, buses, trucks, and battery energy storage systems.
Following the completion of its industrial pilot battery manufacturing plant in 2023, ElevenEs is transitioning from pilot-scale operations to mass production, specializing in high-performance LFP blade prismatic cells. The new factory complex will span approximately 25,000 square meters of production facilities and is designed to incorporate advanced automation while handling stable, non-volatile LFP materials.
The Serbia-based expansion is expected to create more than 350 new jobs, significantly expanding the company’s existing team of over 110 international experts. ElevenEs said the project is focused on building a high-tech ecosystem in the region, with an emphasis on lower carbon footprint manufacturing, optimized waste reduction, and circular design principles.
Key project details include a Phase 1 facility footprint of about 25,000 square meters, annual production capacity of 1 GWh, and the use of cobalt- and nickel-free LFP Edge technology.
Headquartered in Luxembourg with main operations in Serbia, ElevenEs is focused on the industrialization of lithium iron phosphate battery cells, packs, and systems for electric mobility and energy storage applications across European and North American markets.
KEY QUOTE:
“In a crucial moment for the European battery industry, the investment from Caterpillar will support ElevenEs in its steps to advance LFP technology, expand global presence, scale operations to a 1GWh production facility, and position its European market leadership,’’ “We look forward to developing advanced LFP solutions for various industrial applications, continue innovating on battery energy storage systems and support Caterpillar’s focus on energy solutions.”
Nemanja Mikać, Founder and CEO of ElevenEs
