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ElevenEs secures Caterpillar backing, plans battery factory in Serbia
ElevenEs has completed the first closing of its Series B financing round, with proceeds earmarked for the construction of a 1GWh lithium iron phosphate (LFP) battery cell factory in Subotica, Serbia. Construction is scheduled to begin in February 2026, with first cell deliveries expected in 2027.
The round is backed by Caterpillar Venture Capital, a subsidiary of Caterpillar, and an affiliate of Hong Kong-based commodity trading house BST (HK) Ltd., according to a press release.
The planned 1GWh Mega-Factory will cover approximately 25,000 square metres and employ over 350 staff once fully operational. ElevenEs will transition from its pilot battery plant to mass production of high-performance LFP blade prismatic cells. The company’s LFP Edge technology is designed for industrial vehicles, construction and mining equipment, rail and marine applications, as well as electric buses, trucks, and stationary energy storage systems.
The factory will feature automated production handling stable, non-volatile LFP materials, with sustainability measures built into its design, including low-carbon operations, waste reduction, and circularity-focused processes.
ElevenEs CEO Nemanja Mikać said the Caterpillar investment “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.”
No financial details regarding the funding round have been disclosed.
