ElevenEs has completed the first closing of its Series B funding round, led by Caterpillar Venture Capital Inc. and joined by an affiliate of Hong Kong–based commodity trading house BST (HK) Ltd. The capital will support the initial infrastructure and equipment investments for a planned 1 GWh lithium iron phosphate (LFP) battery cell mega-factory in Subotica, Serbia, with construction set to begin in February 2026. The company anticipates delivering its first battery cells in 2027.
Since commissioning its industrial pilot plant in 2023, ElevenEs has focused on scaling its proprietary LFP Edge blade prismatic cell technology to meet performance requirements for industrial vehicles and equipment in sectors such as mining, construction, rail and marine, as well as battery electric vehicles, buses, trucks and energy storage systems. Transitioning from pilot operations to full-scale production, the new factory complex will occupy approximately 25,000 square meters of production space and integrate automated processes tailored to handle stable, non-volatile LFP materials.
ElevenEs projects that the facility will employ more than 350 workers, building on its existing team of over 110 international experts. The design emphasizes a lower carbon footprint, waste reduction and circular manufacturing principles. By establishing a high-tech ecosystem in Serbia, the company aims to strengthen Europe’s role in the global energy transition and enhance supply chain resilience for advanced electrification solutions.
“Securing investment from Caterpillar Venture Capital is a key milestone for our growth trajectory,” said Nemanja Mikać, Founder and CEO of ElevenEs. “This partnership accelerates our efforts to expand global presence, advance LFP technology and scale to 1 GWh of annual production. We look forward to continuing innovation in battery energy storage systems and supporting Caterpillar’s broader energy solutions initiatives.”
Source: Business Wire
