ElevenEs Secures Series B Funding Led by Caterpillar to Launch 1GWh LFP Battery Cell Mega Factory in Serbia
ElevenEs, a European leader in battery technology, has announced the successful first closing of its Series B investment round, signaling a major leap forward in the development of advanced battery manufacturing capabilities on the continent. The funding round is led by Caterpillar Venture Capital Inc., a wholly owned subsidiary of Caterpillar Inc., a globally renowned industrial giant known for its construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. In addition to Caterpillar, an affiliate of BST (HK) Ltd., a leading Hong Kong-based commodity trading house, also participated in this round, underscoring the international confidence in ElevenEs’ technology and growth potential.
This strategic investment represents a pivotal milestone in the European battery manufacturing landscape. The proceeds will be allocated to the initial phases of infrastructure development and the acquisition of equipment for ElevenEs’ ambitious 1GWh LFP Battery Cell Mega Factory, with construction slated to commence in February 2026. The facility is expected to deliver its first battery cells in 2027, placing ElevenEs at the forefront of Europe’s energy transition and positioning it as a key player in the rapidly growing global battery market.
Advancing European Battery Technology
ElevenEs specializes in proprietary Lithium Iron Phosphate (LFP) Edge battery technology, which is specifically designed to meet the demanding performance requirements of industrial vehicles and equipment used in mining, construction, rail, and marine segments. Beyond industrial applications, the technology is equally applicable to battery electric vehicles (BEVs), buses, trucks, and battery energy storage systems (BESS), offering a versatile and sustainable solution for a variety of electrified platforms.
The collaboration with Caterpillar, a global industrial powerhouse, is particularly significant. Caterpillar’s deep expertise in heavy-duty machinery and industrial applications complements ElevenEs’ battery technology, creating opportunities to deliver high-performance, robust, and reliable battery solutions for industrial and commercial customers worldwide. The partnership also strengthens ElevenEs’ mission to drive innovation in LFP technology and scale production to meet global demand.
From Pilot Operations to Mass Production
ElevenEs’ journey began with the establishment of its industrial pilot battery manufacturing plant in 2023. This facility allowed the company to validate its proprietary LFP Edge technology, optimize production processes, and gain valuable insights into large-scale battery manufacturing. With the completion of the Series B investment, ElevenEs is poised to transition from pilot operations to full-scale production, with a focus on high-performance LFP blade prismatic cells.
The planned Mega Factory will occupy nearly 25,000 square meters of state-of-the-art production facilities in Subotica, Serbia. The facility has been designed to integrate advanced automation systems that ensure efficient, safe, and scalable production of LFP battery cells. By combining cutting-edge technology with streamlined manufacturing processes, ElevenEs aims to produce high-quality, cost-effective batteries while maintaining stringent safety and environmental standards.
Economic and Employment Impact
The establishment of the Mega Factory in Subotica represents more than just a technological achievement; it is also a significant economic development for the region. The project is expected to create over 350 new jobs, substantially increasing ElevenEs’ existing team of more than 110 international experts. This growth will not only provide employment opportunities but will also foster the development of a high-tech ecosystem in Serbia, with a focus on innovation, engineering excellence, and sustainable manufacturing practices.
Nemanja Mikać, Founder and CEO of ElevenEs, emphasized the strategic importance of the investment, stating, “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.”
Cutting-Edge LFP Technology
ElevenEs’ LFP Edge battery technology is notable for its safety, sustainability, and performance. Lithium Iron Phosphate batteries are inherently safer than many other lithium-ion chemistries due to their thermal and chemical stability, making them suitable for high-demand industrial applications. The LFP chemistry also eliminates the need for cobalt and nickel, two metals that are not only expensive but also raise significant ethical and environmental concerns.
By focusing on LFP, ElevenEs provides battery solutions that are safer, more environmentally responsible, and cost-effective. The company’s blade prismatic cell design enhances energy density, optimizes space utilization, and supports high-power applications. This combination of performance, reliability, and sustainability aligns with the global push for greener industrial and mobility solutions.
Mega Factory Design and Capacity
The new Mega Factory in Subotica will represent a milestone in European battery manufacturing. With a facility footprint of approximately 25,000 square meters, the plant will house state-of-the-art equipment capable of producing 1 GWh of LFP battery cells annually. Advanced automation systems will ensure the safe handling of stable, non-volatile LFP materials, minimizing risks and maximizing operational efficiency.
Sustainability is a key consideration in the design of the Mega Factory. The facility is being engineered to reduce carbon emissions, optimize resource usage, and promote circularity. By implementing low-waste manufacturing processes and environmentally responsible materials management, ElevenEs is setting new standards for sustainable industrial production in Europe.
Positioning for Global Market Leadership
ElevenEs’ Mega Factory project not only addresses the growing demand for battery cells in Europe but also positions the company as a global contender in the energy storage and electrification markets. With a combination of innovative LFP technology, scalable production capacity, and strategic partnerships, ElevenEs is well-positioned to supply battery solutions for a range of applications, from industrial vehicles to renewable energy storage systems.
The Series B funding will enable ElevenEs to accelerate the commercialization of its LFP technology, expand its global footprint, and further solidify its position as a European leader in battery innovation. The collaboration with Caterpillar also opens doors to new markets and industrial applications, providing a robust platform for growth and long-term success.
A Strategic Step for European Energy Transition
The ElevenEs project is emblematic of the broader transformation taking place in the European energy landscape. As governments, industries, and consumers increasingly embrace electrification and renewable energy, the demand for high-performance, locally produced battery solutions continues to rise. By establishing a Mega Factory capable of producing 1 GWh of LFP battery cells annually, ElevenEs contributes to Europe’s strategic goal of energy independence and sustainable industrial development.
Moreover, the company’s focus on safe, cobalt-free, and environmentally responsible battery technology underscores its commitment to sustainable innovation. The combination of technological excellence, industrial scale, and environmental responsibility positions ElevenEs as a model for the next generation of European battery manufacturers.
About ElevenEs
Founded with a mission to industrialize lithium iron phosphate (LFP) battery technology, ElevenEs is a Luxembourg-incorporated company with headquarters and main operations in Serbia. The company develops LFP battery cells, packs, and systems designed for electric mobility and energy storage applications. ElevenEs’ focus on safety, sustainability, and high performance ensures that its solutions meet the rigorous demands of both European and North American markets.
With the support of strategic investors like Caterpillar Venture Capital and BST (HK) Ltd., ElevenEs is poised to drive innovation, scale production, and play a pivotal role in the global energy transition. The company’s Mega Factory in Subotica will serve as a cornerstone for its ambitious growth plans, providing the infrastructure necessary to meet rising demand for advanced LFP battery solutions across industrial and mobility sectors.
