ElevenEs advances lithium iron phosphate (LFP) battery production plans as Caterpillar Venture Capital joins strategic investors in Series B first close.
ElevenEs, a fast-rising European battery manufacturer focused on next-generation lithium iron phosphate (LFP) technology, has successfully completed the first round of its Series B investment, marking a pivotal step in its journey toward large-scale battery production in Europe. The round was backed by Caterpillar Venture Capital Inc., a wholly owned subsidiary of Caterpillar Inc. (NYSE: CAT), the world’s leading manufacturer of construction and mining equipment, diesel and natural gas-powered off-highway engines, industrial gas turbines, and diesel-electric locomotives. An affiliate of BST (HK) Ltd., a prominent commodity trading company headquartered in Hong Kong, also participated in the funding round.
This milestone investment not only strengthens ElevenEs’ financial foundation but also reinforces international confidence in Europe’s ambition to build a competitive and resilient battery manufacturing ecosystem. The proceeds from this initial Series B round will be directed toward financing the early infrastructure and equipment phases required for the company’s planned 1GWh mega-factory. Construction of the facility is scheduled to commence in February 2026, positioning ElevenEs at the forefront of Europe’s accelerating battery industrialization strategy.
A Strategic Investment with Global Implications
The participation of Caterpillar Venture Capital Inc. is particularly significant. As the venture investment arm of Caterpillar Inc., the organization focuses on innovative companies that align with Caterpillar’s long-term strategy, especially in sustainability, electrification, digitalization, and advanced manufacturing. Caterpillar Inc. has a global reputation for powering infrastructure development, mining operations, and energy production across continents. Its backing of ElevenEs signals confidence not only in the company’s technology but also in the broader transition toward electrification in heavy industry and off-highway applications.
Caterpillar has increasingly emphasized sustainability and reduced-emission solutions within its product portfolio. Electrification of equipment, integration of battery systems, and alternative energy solutions are becoming central to the future of heavy machinery and industrial operations. ElevenEs’ focus on advanced LFP battery chemistry aligns with this direction, offering safer, cost-effective, and durable battery solutions suitable for demanding industrial applications.
The involvement of BST (HK) Ltd. further underscores the global dimension of ElevenEs’ growth. As a leading commodity trading company, BST brings not only capital but also strategic market insight and access to raw material networks. In a world where supply chain security for battery materials such as lithium, iron, and phosphate is increasingly critical, relationships with experienced commodity traders can provide a competitive advantage. BST’s participation reflects confidence in ElevenEs’ commercial viability and the long-term growth prospects of the European battery sector.
Advancing European Battery Sovereignty
The transaction represents more than just a capital raise—it is a defining moment for Europe’s efforts to achieve battery production sovereignty. Over the past decade, Europe has worked to reduce reliance on imported battery cells, particularly from Asia, by nurturing domestic manufacturing capacity. The energy transition, electrification of transport, and decarbonization of industry have made batteries a strategic technology.
ElevenEs’ planned 1GWh mega-factory will contribute meaningfully to regional supply capacity. While 1GWh represents an initial phase rather than a gigascale operation, it lays the groundwork for scalable expansion. The company’s phased approach enables it to validate technology, optimize manufacturing processes, and gradually ramp up production in line with market demand.
The funds raised in this Series B round will support the development of essential infrastructure, including land preparation, facility construction planning, utility installations, and procurement of specialized manufacturing equipment. Early-stage investments in these areas are critical for ensuring that the factory can meet stringent quality, safety, and environmental standards.
Construction beginning in February 2026 reflects a carefully structured timeline designed to synchronize capital deployment, engineering readiness, and market opportunity. By initiating physical development next year, ElevenEs is signaling confidence in its project execution capabilities and long-term market positioning.
Technology Focus: Lithium Iron Phosphate (LFP)
ElevenEs specializes in lithium iron phosphate (LFP) battery chemistry, which has gained renewed momentum globally. Compared to nickel-manganese-cobalt (NMC) batteries, LFP cells offer several advantages: improved safety characteristics, longer cycle life, thermal stability, and reduced dependency on critical raw materials like cobalt and nickel.
As global industries seek cost-effective and sustainable battery solutions, LFP technology is increasingly favored for electric vehicles, energy storage systems, industrial machinery, and commercial fleets. Its lower material costs and strong safety profile make it especially attractive for heavy-duty and stationary applications.
For companies like Caterpillar Inc., which serve industries operating in harsh and demanding environments, battery durability and reliability are paramount. LFP technology’s resistance to thermal runaway and its extended lifespan can translate into lower total cost of ownership for electrified machinery and equipment.
ElevenEs’ technological roadmap emphasizes continuous performance optimization, energy density improvements, and scalable manufacturing processes. By integrating advanced cell design with efficient production techniques, the company aims to compete not only within Europe but on a global stage.
Infrastructure and Equipment: Building the Foundation
The capital secured in this Series B round will primarily support the initial infrastructure and equipment phases leading up to full-scale construction. Developing a battery manufacturing facility involves complex engineering and capital-intensive installations. Key components include:
- Dry rooms with controlled humidity for electrode production
- Coating and calendaring lines for cathode and anode fabrication
- Cell assembly and formation systems
- Quality control laboratories with advanced testing equipment
- Automated material handling systems
- Environmental and recycling management infrastructure
Each of these elements must meet strict safety and environmental compliance standards. Battery manufacturing demands precision, and early investments in high-quality equipment can significantly influence production yields and long-term efficiency.
By allocating Series B funds to foundational infrastructure, ElevenEs ensures that its mega-factory is built on scalable and future-proof architecture. This structured investment approach minimizes risk, optimizes timelines, and prepares the company for subsequent expansion phases.
Economic and Industrial Impact
The development of a 1GWh mega-factory will have notable economic implications. Battery manufacturing facilities create high-skilled jobs in engineering, chemistry, automation, and quality assurance. In addition, they stimulate local supply chains, from construction and utilities to logistics and component suppliers.
Europe’s broader industrial strategy increasingly emphasizes clean technology manufacturing as a driver of economic resilience. Projects like ElevenEs’ factory contribute to regional development goals, attract complementary investments, and enhance technological know-how.
Furthermore, the collaboration between European battery innovators and global industrial leaders such as Caterpillar Inc. highlights a shift toward cross-sector integration. Heavy industry, energy storage, and advanced manufacturing are converging as electrification reshapes traditional business models.
Strengthening Investor Confidence
Completing the first round of a Series B investment is a meaningful signal to the market. Series B financing typically supports scaling operations, advancing commercialization, and expanding production capacity. For ElevenEs, this funding round confirms investor confidence in its technological maturity and commercial strategy.
The diversity of investors—ranging from a strategic venture capital arm of a global industrial leader to an international commodity trading affiliate—demonstrates a balanced support structure. Strategic investors often provide more than capital; they offer technical guidance, industry partnerships, and long-term alignment with market trends.
This blend of financial backing and strategic collaboration strengthens ElevenEs’ credibility as it moves toward construction and eventual production.
