ElevenEs held 1st Closing of its Series B Investment Round Backed by Caterpillar Venture Capital Inc.
24.2.2026 10:24:00 EET | Business Wire | Press release
ElevenEs has completed the first closing of its Series B investment round, 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, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Additionally, an affiliate of BST (HK) Ltd., a leading Hong Kong-based commodity trading house, participated in the round.
This transaction represents a significant milestone in the future of European battery manufacturing as the proceeds will be used for the initial phases of infrastructure and equipment toward the planned 1GWh Mega-Factory, with construction starting in February 2026. The first battery cell deliveries are expected in 2027. This project positions ElevenEs at the forefront of the global energy transition and marks a significant step forward in delivering advanced electrified solutions from European sources.
ElevenEs is scaling its proprietary Lithium Iron Phosphate (LFP) Edge battery technology to meet the rigorous performance demands of industrial vehicles and equipment in mining, construction, rail and marine segments, in addition to battery electric vehicles (BEVs), buses, trucks and battery energy storage systems (BESS). The collaboration with Caterpillar strengthens ElevenEs’ mission to deliver robust, reliable battery solutions for customers worldwide.
After completing its industrial pilot battery manufacturing plant in 2023, ElevenEs will transition from pilot operations to mass-scale production, specializing in high-performance LFP blade prismatic cells. The new factory complex will feature nearly 25,000 square meters of state-of-the-art production facilities.
The ElevenEs’ project is building a high-tech ecosystem in Serbia that will employ more than 350 people, significantly increasing its existing team of over 110 international experts.
“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,” said Nemanja Mikać, Founder and CEO of ElevenEs.
“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.”
Key project data:
- Location: Subotica, Serbia
- Facility Footprint (Phase 1): ~25,000 m²
- Technology: LFP Edge (Lithium Iron Phosphate) – Cobalt and Nickel-free
- Capacity (Mega Factory): 1 GWh annually
- Workforce: 350+
- Safety: State-of-the-art automated facility handling stable, non-volatile LFP materials
- Sustainability: Lower carbon footprint manufacturing and a facility design optimized for low waste and circularity
About ElevenEs
ElevenEs is a battery technology company committed to the industrialization of lithium iron phosphate (LFP) battery cells, packs and systems for electric mobility and energy storage applications. Incorporated in Luxembourg with headquarters and main operations in Serbia, ElevenEs focuses on delivering safe, sustainable, and high-performance battery solutions for European and North American markets.
Learn more at www.elevenes.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20260224426651/en/
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nada.filipovic@elevenes.com
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