Photo: ElevenEs
ElevenEs has completed the first closing of its series B investment round backed by Caterpillar Venture Capital and an affiliate of BST (HK). The start of construction of a 1 GWh LFP battery cell megafactory in Serbia is scheduled for next month.
Following a show of support from the European Commission and the Development Agency of Serbia in October and a strategic deal with ChemVolt Global, ElevenEs accelerated its scaling activities and international expansion plans. It has just completed the first closing of its series B investment round.
The Serbian company announced that it received backing from Caterpillar Venture Capital. It is a wholly owned subsidiary of Caterpillar. The conglomerate headquartered in Irving, Texas, manufactures construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives.
Additionally, an affiliate of BST (HK), a commodity trading house from Hong Kong, participated in the round.
First battery cells from Subotica factory due in 2027
The transaction represents a significant milestone in the future of European battery manufacturing, ElevenEs claimed. It said the proceeds would be used for the initial phases of infrastructure and equipment for its megafactory of 1 GWh in annual manufacturing capacity. The company is breaking ground next month in its home city of Subotica, in Serbia’s far north.
The first battery cell deliveries are expected in 2027, it revealed.
“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,” the update reads.
Future facility to create 350 high-tech jobs
The company completed its industrial pilot battery manufacturing plant in 2023. In the transition to mass-scale production, it specializes in high-performance LFP blade prismatic cells. The new factory complex will span nearly 25,000 square meters in the first phase.
According to ElevenEs, its high-tech ecosystem in Serbia will create more than 350 jobs. It compares to the existing team of over 110 international experts.
The company is developing LFP solutions for industrial applications
“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 1 GWh production facility, and position its European market leadership’’, said Founder and Chief Executive Officer Nemanja Mikać.
The company will develop LFP solutions for industrial applications, continue innovating and support Caterpillar’s focus on energy solutions, he stressed.
Great news for Europe.