Strategic Investment Marks a Turning Point for European Battery Manufacturing
ElevenEs has successfully completed the first closing of its Series B investment round, securing major backing from Caterpillar Venture Capital, Inc., a wholly owned subsidiary of Caterpillar Inc., alongside participation from an affiliate of BST (HK) Ltd., reinforcing confidence in the company’s long-term industrial strategy and technological roadmap while signaling a broader commitment from global industrial leaders to accelerate the development of advanced battery production capacity within Europe and strengthen supply chain resilience at a time when electrification, decarbonization, and energy independence are reshaping manufacturing priorities across multiple sectors and geographies.
Funding to Enable Construction of a 1GWh Mega-Factory and Industrial Scale-Up
The proceeds from the Series B first closing are earmarked for the early phases of infrastructure development and equipment procurement for a planned 1GWh Mega-Factory, with construction scheduled to begin in February 2026 and initial battery cell deliveries anticipated in 2027, a timeline that reflects both the urgency and complexity of scaling advanced cell manufacturing while positioning the company to respond to accelerating demand from transportation, heavy industry, and stationary energy storage markets that require reliable, high-performance, and cost-efficient battery solutions produced within Europe to reduce dependency on imported technologies and materials while supporting regional industrial competitiveness and sustainability goals.
Advancing Lithium Iron Phosphate Edge Technology for Industrial Electrification
Central to the company’s expansion strategy is the continued scaling of its proprietary Lithium Iron Phosphate Edge battery technology, engineered to meet the demanding operational requirements of industrial vehicles and equipment used in mining, construction, rail, and marine environments as well as battery electric passenger vehicles, commercial buses, heavy-duty trucks, and battery energy storage systems, demonstrating a deliberate focus on durability, safety, thermal stability, and lifecycle efficiency that aligns with the needs of high-utilization fleets and mission-critical applications where reliability and predictable performance are essential for operational continuity and total cost of ownership optimization across diverse electrification scenarios.
Transition from Pilot Manufacturing to Mass-Scale Production Capability
Following the successful completion of its industrial pilot battery manufacturing plant in 2023, the company is now preparing to transition from pilot-scale validation to full mass-production, specializing in high-performance LFP blade prismatic cell architecture designed to deliver energy density, structural efficiency, and manufacturability advantages while enabling scalable production processes within a new factory complex spanning nearly 25,000 square meters of advanced production space equipped with modern automation, quality control systems, and integrated process engineering intended to ensure consistent output, rigorous safety standards, and long-term operational efficiency as production volumes increase to meet global customer demand.
Building a High-Tech Ecosystem and Workforce in Serbia
Beyond manufacturing capacity alone, the broader project represents the creation of a high-technology industrial ecosystem in Serbia that is expected to employ more than 350 people, significantly expanding the organization’s existing international team of over 110 experts and contributing to regional economic development, knowledge transfer, and workforce specialization in advanced battery engineering, materials science, automation, and clean-energy manufacturing while supporting Europe’s ambition to cultivate domestic expertise and strategic autonomy in next-generation energy technologies that underpin the transition toward electrified mobility and low-carbon industrial systems.
Leadership Vision and Long-Term European Market Positioning
Commenting on the milestone, founder and chief executive Nemanja Mikać emphasized that the investment arrives at a critical moment for the European battery sector, enabling accelerated advancement of LFP technology, expansion of global market presence, and scaling toward 1GWh production capacity while reinforcing the company’s ambition to secure a leadership position within the European market and deliver robust, reliable electrified solutions sourced from within the region, ultimately contributing to the global energy transition by aligning industrial capability, technological innovation, and strategic investment with the rapidly evolving requirements of sustainable transportation, infrastructure modernization, and energy storage deployment across international markets.
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