Strategic backing from Caterpillar’s venture arm supports the battery maker’s growth and commercialization plans.
ElevenEs has reached a pivotal milestone in its growth strategy, announcing the successful first closing of its Series B investment round. The round is backed by Caterpillar Venture Capital, Inc., the venture investment arm and wholly owned subsidiary of Caterpillar Inc., the global leader in construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. The funding also includes participation from an affiliate of BST (HK) Ltd., a prominent Hong Kong-based commodity trading firm. This strategic investment not only strengthens ElevenEs’ financial position but also signals strong industry confidence in the company’s technology and long-term vision for large-scale battery manufacturing.
The Series B investment represents a significant step forward for the European battery ecosystem. ElevenEs intends to use the proceeds to support the initial phases of infrastructure development and equipment procurement for its planned 1-gigawatt-hour (GWh) lithium iron phosphate (LFP) battery cell mega-factory. Construction of the facility is scheduled to begin in February 2026, marking the transition from pilot-scale production to full industrial manufacturing. The company expects to deliver its first commercial battery cells from the new facility in 2027, positioning itself as a competitive European supplier of advanced battery technologies.
This project reflects a broader push across Europe to strengthen local battery production capacity and reduce reliance on imports, particularly from Asia. By establishing large-scale manufacturing within the region, ElevenEs aims to contribute to Europe’s energy transition while providing reliable, sustainable battery solutions for a wide range of industries.
At the core of ElevenEs’ strategy is its proprietary LFP Edge battery technology. Lithium iron phosphate chemistry has gained increasing global attention due to its safety, durability, and cost advantages compared to other lithium-ion chemistries. Unlike nickel- or cobalt-based batteries, LFP cells do not rely on these critical materials, reducing supply-chain risks, lowering costs, and improving sustainability. These characteristics make LFP batteries particularly attractive for heavy-duty and industrial applications, where safety and long cycle life are essential.
ElevenEs is specifically targeting sectors that demand robust and reliable battery solutions. These include industrial vehicles and heavy equipment used in mining, construction, rail, and marine operations. The company is also addressing the rapidly growing markets for battery electric vehicles (BEVs), commercial buses, trucks, and stationary battery energy storage systems (BESS). By focusing on these segments, ElevenEs aims to serve both mobility and energy storage needs, two of the fastest-expanding areas within the global electrification landscape.
The collaboration with Caterpillar is particularly significant. As a global industrial leader, Caterpillar’s involvement brings not only financial support but also deep expertise in heavy equipment, industrial power systems, and large-scale energy solutions. The partnership is expected to accelerate the development of advanced LFP batteries tailored for demanding industrial applications, aligning with Caterpillar’s broader strategy to expand its energy and electrification offerings.
ElevenEs’ journey toward mass production began with the completion of its industrial pilot battery manufacturing plant in 2023. The pilot facility allowed the company to validate its LFP Edge technology, refine production processes, and demonstrate performance characteristics under real-world conditions. With those milestones achieved, ElevenEs is now preparing to scale up operations significantly.
The new mega-factory will be located in Subotica, Serbia, where the company already has operational roots. Phase one of the project will include approximately 25,000 square meters of advanced production space. The facility will focus on manufacturing high-performance LFP blade prismatic cells, a design known for improved thermal stability, structural efficiency, and high energy density. Blade-style prismatic cells are increasingly favored for applications that require durability, safety, and efficient packaging, such as electric buses, trucks, and heavy machinery.
The planned factory will have an annual production capacity of 1 GWh, enabling ElevenEs to supply batteries for a substantial number of electric vehicles or energy storage installations each year. While modest compared with the largest global battery plants, the facility represents a major step for a European startup transitioning into industrial-scale production. It also lays the groundwork for potential future expansions as demand for LFP batteries continues to grow.
Beyond production capacity, the project is expected to create significant economic and technological benefits for the region. ElevenEs is building what it describes as a high-tech ecosystem in Serbia, centered around battery innovation, manufacturing, and engineering. The company plans to employ more than 350 people at the new facility, adding to its existing team of over 110 international experts. These jobs will span engineering, manufacturing, research and development, and administrative roles, contributing to the development of a skilled workforce in advanced energy technologies.
Sustainability is a central component of the project’s design and operation. LFP chemistry itself offers environmental advantages, as it avoids the use of cobalt and nickel, materials often associated with complex supply chains and environmental concerns. The new facility will incorporate automated production systems designed to handle stable, non-volatile LFP materials, enhancing both safety and efficiency. The plant is also expected to feature a low-carbon manufacturing approach, with optimized processes aimed at reducing waste and supporting circularity principles.
The location in Subotica provides strategic advantages as well. Serbia sits at the crossroads of major European logistics routes, enabling efficient distribution of battery products across the continent. The site also offers access to a growing pool of technical talent and a supportive industrial environment for advanced manufacturing projects.
According to ElevenEs founder and CEO Nemanja Mikać, the investment comes at a critical moment for the European battery industry. As global demand for electric vehicles and energy storage continues to rise, Europe is seeking to build its own battery supply chains to ensure energy security and industrial competitiveness. The Series B funding, he noted, will support ElevenEs in advancing its LFP technology, expanding its global presence, and scaling operations to the 1 GWh production level.
Mikać emphasized that the company’s goal is not only to manufacture batteries but also to deliver advanced electrified solutions tailored to the needs of industrial customers. This includes continued innovation in battery energy storage systems, which are essential for integrating renewable energy into power grids and improving overall energy resilience.
The partnership with Caterpillar aligns closely with these ambitions. Caterpillar has been expanding its focus on electrification, energy storage, and hybrid solutions across its product portfolio. By collaborating with ElevenEs, the company can explore new battery technologies optimized for heavy-duty applications, while ElevenEs gains access to a global industrial customer base and deep application expertise.
Looking ahead, the construction of the mega-factory in February 2026 will mark the start of a new chapter for ElevenEs. The company’s transition from pilot production to full-scale manufacturing represents a major step toward becoming a key player in the European battery market. With first cell deliveries expected in 2027, the project has the potential to strengthen regional supply chains, create high-quality jobs, and support the electrification of multiple industries.
In a global context where battery demand is projected to grow exponentially over the coming decade, projects like the ElevenEs mega-factory are becoming increasingly important. By focusing on LFP technology, which is known for its safety, cost-effectiveness, and long life, the company is positioning itself to serve both established and emerging electrification markets.
Ultimately, the Series B investment and the planned mega-factory represent more than just a funding milestone. They signal the maturation of a European battery startup into a large-scale industrial manufacturer, supported by major global partners. As construction begins and production ramps up in the coming years, ElevenEs aims to play a meaningful role in shaping the future of sustainable energy and electrified transportation.
