ElevenEs Held 1st Closing of Its Series B Investment Round Backed by Caterpillar Venture Capital Inc.
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series bfinancial
A Series B is a later-stage private funding round where a growing company raises new capital from investors in exchange for ownership shares. It typically comes after early rounds and is meant to finance expansion—think of moving from a neighborhood shop to a regional chain—so it affects the company’s reported value and how much existing owners are diluted. Investors use a Series B as a signal that the business has proven demand and is preparing for bigger growth, which helps assess risk and potential return.
lithium iron phosphatetechnical
A lithium iron phosphate (LFP) battery is a type of rechargeable lithium-ion battery that uses iron and phosphate in its positive electrode, offering a safer, longer‑lasting but lower energy‑density alternative to some other lithium chemistries. Investors watch LFP because it tends to cost less, resists fire and aging better, and relies on different raw materials and supply chains—factors that influence product pricing, manufacturing costs, and market adoption in electric vehicles and energy storage.
lfptechnical
LFP stands for lithium iron phosphate, a type of rechargeable battery chemistry used in electric vehicles and energy storage systems. It trades slightly less energy density for greater safety, longer cycle life and lower cost, so investors watch LFP adoption like choosing a durable, affordable tool instead of a high-performance but fragile one; changes in its use can affect battery makers, automakers and energy-storage economics.
battery energy storage systemstechnical
Large, grid-connected rechargeable battery systems that store electricity for later use, like a giant household battery for cities or power plants. They matter to investors because they help balance supply and demand, enable more renewable energy, reduce outage risk, and create revenue through services such as selling stored power at peak times or participating in grid stability programs, while requiring upfront capital and having performance limits tied to lifespan and degradation.
besstechnical
BESS stands for Battery Energy Storage System, a technology that stores electricity for later use. Think of it as a large rechargeable battery that can hold excess power generated during times of low demand and release it when usage is high, helping balance supply and demand. This is important for investors because it supports the stability of energy grids, enables the integration of renewable sources, and can create new opportunities for profitability in the energy market.
prismatic cellstechnical
Prismatic cells are a type of rechargeable battery cell shaped like a flat rectangle and packaged in a rigid or semi-rigid casing, rather than the round or soft pouch styles. For investors, they matter because their shape and construction influence how many cells fit into a device or vehicle, how easily they are cooled and manufactured, and ultimately affect cost, energy capacity and safety—similar to choosing between compact boxes or cylinders when packing goods.
battery electric vehiclestechnical
Battery electric vehicles are cars and trucks that run entirely on electricity stored in rechargeable batteries, with no gasoline engine or fuel tank. Think of them like an electric appliance on wheels that must be plugged in to recharge; this affects costs, resale value, and how consumers use the vehicle. Investors care because BEVs change demand, production costs, supply chains (battery materials and charging infrastructure), regulatory exposure, and capital needs for manufacturers and suppliers.
bevstechnical
BEVs are vehicles powered only by rechargeable batteries and electric motors, with no gasoline engine or fuel tank. They matter to investors because the move from internal combustion to battery power changes which companies earn money — automakers, parts suppliers, battery makers and charging networks — much like a shift from candles to electric lights, affecting sales growth, costs, regulatory risks and long‑term market share.
Construction of its 1GWh LFP Battery Cell Mega Factory to Begin in February 2026.
SUBOTICA, Serbia & LUXEMBOURG--(BUSINESS WIRE)--
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) - the world’s leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. Additionally, an affiliate of BST (HK) Ltd., a leading Hong Kong-based commodity trading house, participated in the round.
This transaction represents a significant milestone in the future of European battery manufacturing as the proceeds will be used for the initial phases of infrastructure and equipment toward the planned 1GWh Mega-Factory, with construction starting in February 2026. The first battery cell deliveries are expected in 2027. This project positions ElevenEs at the forefront of the global energy transition and marks a significant step forward in delivering advanced electrified solutions from European sources.
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.
After completing its industrial pilot battery manufacturing plant in 2023, ElevenEs will transition from pilot operations to mass-scale production, specializing in high-performance LFP blade prismatic cells. The new factory complex will feature nearly 25,000 square meters of state-of-the-art production facilities.
The ElevenEs’ project is building a high-tech ecosystem in Serbia that will employ more than 350 people, significantly increasing its existing team of over 110 international experts.
“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,’’ said Nemanja Mikać, Founder and CEO of ElevenEs.
“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.”
Key project data:
- Location: Subotica, Serbia
- Facility Footprint (Phase 1): ~25,000 m²
- Technology: LFP Edge (Lithium Iron Phosphate) – Cobalt and Nickel-free
- Sustainability: Lower carbon footprint manufacturing and a facility design optimized for low waste and circularity
About ElevenEs
ElevenEs is a battery technology company committed to the industrialization of lithium iron phosphate (LFP) battery cells, packs and systems for electric mobility and energy storage applications. Incorporated in Luxembourg with headquarters and main operations in Serbia, ElevenEs focuses on delivering safe, sustainable, and high-performance battery solutions for European and North American markets.
