ElevenEs has secured the first closing of its Series B funding round, led by Caterpillar Venture Capital and an affiliate of BST (HK), to support the construction of a 1 GWh lithium-iron-phosphate (LFP) battery cell megafactory in Subotica, Serbia. Groundbreaking is slated for next month, with initial cell deliveries anticipated in 2027.
The company’s latest financing follows endorsements from the European Commission and the Development Agency of Serbia in October, as well as a strategic agreement with ChemVolt Global. ElevenEs plans to apply the proceeds toward early-stage infrastructure development and equipment procurement for its planned 25,000 m2 factory complex. Once operational, the facility will have the capacity to produce 1 GWh of LFP blade-prismatic cells annually.
Caterpillar Venture Capital, a wholly owned subsidiary of industrial equipment manufacturer Caterpillar Inc., joins an affiliate of Hong Kong–based commodity trading firm BST (HK) in the round. Caterpillar Inc. is known for its construction and mining machinery, off-highway engines, industrial gas turbines, and diesel-electric locomotives.
ElevenEs developed and commissioned its industrial-scale pilot plant in 2023. The transition to mass production will focus on the company’s proprietary Edge LFP technology, designed to meet performance requirements across a range of applications, including mining, construction, rail, marine, battery electric vehicles, buses, trucks, and stationary energy storage systems.
The new plant is expected to generate more than 350 high-tech jobs, adding to ElevenEs’ existing team of over 110 international experts. The expansion underlines the company’s ambition to establish a robust battery manufacturing ecosystem in Serbia and to strengthen Europe’s competitiveness in clean energy technologies.
Founder and CEO Nemanja Mikać noted that Caterpillar’s investment will accelerate ElevenEs’ efforts to scale operations, expand its global footprint, and consolidate its leadership in the European battery market. Mikać emphasized the company’s commitment to ongoing innovation in LFP solutions and its support of Caterpillar’s broader energy-solutions strategy.
Source: Balkan Green Energy News
