ElevenEs has closed the first tranche of its Series B investment round, with Caterpillar Venture Capital Inc. serving as a lead backer. An affiliate of BST (HK) Ltd., a Hong Kong-based commodity trading house, also participated. The proceeds will fund initial infrastructure and equipment for a planned 1GWh lithium iron phosphate (LFP) battery cell factory in Subotica, Serbia. Construction begins this month, with first cell deliveries expected in 2027.
Highlights
- Caterpillar Venture Capital led the first closing of ElevenEs’ Series B round, funding a 1GWh LFP battery mega factory in Serbia.
- Construction begins in February 2026, with battery cell deliveries targeted for 2027 across industrial, EV, and energy storage markets.
- The facility spans nearly 25,000 square meters and will employ more than 350 workers, scaling up from a pilot plant completed in 2023.
- ElevenEs’ cobalt- and nickel-free LFP Edge technology targets mining, construction, rail, marine, bus, truck, and BESS applications.
Caterpillar Investment Fuels European Battery Production
The funding marks a notable moment for European battery manufacturing. ElevenEs plans to use the capital to transition from its existing industrial pilot plant — completed in 2023 — to mass-scale production of high-performance LFP blade prismatic cells.
Caterpillar Inc. (NYSE: CAT) is the world’s largest manufacturer of construction and mining equipment. Its venture capital arm’s involvement signals growing industrial demand for LFP battery solutions beyond the passenger EV market.
“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,” said Nemanja Mikać, Founder and CEO of ElevenEs.
Factory Specifications and Timeline
The new mega factory will specialize in cobalt- and nickel-free LFP Edge chemistry. Key project details include:
- Location: Subotica, Serbia
- Phase 1 footprint: ~25,000 m²
- Technology: LFP Edge (Lithium Iron Phosphate)
- Annual capacity: 1 GWh
- Workforce: 350+ employees
- Safety profile: Automated facility using stable, non-volatile LFP materials
- Sustainability: Low-carbon manufacturing with facility design optimized for minimal waste and circularity
Broad Market Applications for LFP Edge Cells
ElevenEs is positioning its proprietary LFP Edge technology for a wide range of sectors. Target applications include industrial vehicles and equipment used in mining, construction, rail, and marine operations. Additionally, the cells will serve battery electric vehicles, buses, trucks, and battery energy storage systems (BESS).
Mikać added that the company looks forward to developing advanced LFP solutions for industrial applications and continuing to innovate on energy storage systems.
Scaling a European Battery Ecosystem
The project represents a broader effort to build a high-tech battery ecosystem in Serbia. ElevenEs currently employs more than 110 international experts and plans to grow that team significantly as the mega factory ramps up.
The company is incorporated in Luxembourg, with headquarters and primary operations in Serbia. It serves both European and North American markets with battery cells, packs, and systems for electric mobility and energy storage.
Learn more at www.elevenes.com.
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