Serbian battery manufacturer ElevenEs said it has secured an undisclosed investment in the first tranche of its Series B funding round to support construction of a planned 1 GWh production facility, with building work expected to begin as early as February 2026.
The funding includes participation from Caterpillar Venture Capital, a wholly owned subsidiary of U.S.-based equipment maker Caterpillar, and an investment arm of Hong Kong–based BST. The company did not disclose the size of the investment or whether other investors joined the round.
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ElevenEs said the capital will be used to advance its new factory in Subotica, northern Serbia, where a production complex of nearly 25,000 square metres is planned. Initial deliveries of battery cells from the facility are targeted for 2027. The site is expected to employ more than 350 people, expanding from the company’s current workforce of over 110 staff.
The company focuses on lithium iron phosphate (LFP) battery cells designed for industrial applications, including mining, construction equipment, rail transport and maritime use, as well as battery-electric vehicles, buses, trucks and energy storage systems. ElevenEs said its proprietary technology is intended to “meet the high performance demands of industrial vehicles and equipment.”
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ElevenEs commissioned a pilot plant in 2023 to refine production processes and technology development. Its cells are prismatic in format, and the company has referenced “Blade”-style designs — a term commonly used for elongated LFP cells that can span the width of a vehicle battery pack.
Founder and Chief Executive Nemanja Mikać said the investment comes at a pivotal time for the region’s battery sector. “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,” he said.
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Mikać added that the company aims to develop battery solutions for a range of industrial uses. “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,” he said.