Key Takeaways
- • ElevenEs 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), according to a Business Wire release dated February 2026.
- • An affiliate of BST (HK) Ltd., a Hong Kong-based commodity trading house, also participated in the round.
- • Proceeds will fund initial infrastructure and equipment for a planned 1 GWh LFP battery cell mega-factory in Subotica, Serbia, with construction starting in February 2026 and first cell deliveries expected in 2027.
- • The facility, with roughly 25,000 square meters of Phase 1 floor space, is planned to employ more than 350 people, expanding a team of over 110 international experts.
- • The investment supports ElevenEs' shift from pilot production to mass-scale manufacturing of cobalt- and nickel-free LFP blade prismatic cells for industrial, rail, marine, BEV, bus, truck and battery energy storage applications.
Summary
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). An affiliate of BST (HK) Ltd., a Hong Kong-based commodity trading house, also participated, according to the company's Business Wire announcement. The company did not disclose the size of the round in the release.
The proceeds will be directed to the initial phases of infrastructure and equipment for the planned 1 GWh Mega-Factory in Subotica, Serbia. Construction is scheduled to begin in February 2026, with the first battery cell deliveries expected in 2027. The new complex will include nearly 25,000 square meters of production facilities and is designed to be an automated facility handling stable, non-volatile LFP materials, with a lower carbon footprint and design optimized for low waste and circularity.
ElevenEs is scaling its proprietary LFP Edge battery technology, which it says is cobalt- and nickel-free, for industrial vehicles and equipment in mining, construction, rail and marine segments, as well as battery electric vehicles, buses, trucks and battery energy storage systems. After completing its industrial pilot battery plant in 2023, the company will move from pilot operations to mass-scale production of high-performance LFP blade prismatic cells. The project is expected to employ more than 350 people, significantly expanding its existing team of over 110 international experts.
Founder and CEO Nemanja Mikać said the Caterpillar investment will help advance LFP technology, expand global presence, scale operations to a 1 GWh facility and strengthen the company's European market position. ElevenEs is incorporated in Luxembourg with headquarters and main operations in Serbia, and targets European and North American markets.
The proceeds will be directed to the initial phases of infrastructure and equipment for the planned 1 GWh Mega-Factory in Subotica, Serbia. Construction is scheduled to begin in February 2026, with the first battery cell deliveries expected in 2027. The new complex will include nearly 25,000 square meters of production facilities and is designed to be an automated facility handling stable, non-volatile LFP materials, with a lower carbon footprint and design optimized for low waste and circularity.
ElevenEs is scaling its proprietary LFP Edge battery technology, which it says is cobalt- and nickel-free, for industrial vehicles and equipment in mining, construction, rail and marine segments, as well as battery electric vehicles, buses, trucks and battery energy storage systems. After completing its industrial pilot battery plant in 2023, the company will move from pilot operations to mass-scale production of high-performance LFP blade prismatic cells. The project is expected to employ more than 350 people, significantly expanding its existing team of over 110 international experts.
Founder and CEO Nemanja Mikać said the Caterpillar investment will help advance LFP technology, expand global presence, scale operations to a 1 GWh facility and strengthen the company's European market position. ElevenEs is incorporated in Luxembourg with headquarters and main operations in Serbia, and targets European and North American markets.
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