ElevenEs held 1st Closing of its Series B Investment Round Backed by Caterpillar Venture Capital Inc.
24.2.2026 09:24:00 CET | Business Wire | Press release
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
- Capacity (Mega Factory): 1 GWh annually
- Workforce: 350+
- Safety: State-of-the-art automated facility handling stable, non-volatile LFP materials
- 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.
Learn more at www.elevenes.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20260224426651/en/
Contacts
nada.filipovic@elevenes.com
About Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London
+44 20 7626 1982http://www.businesswire.co.uk
(c) 2018 Business Wire, Inc., All rights reserved.
Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
H.I.G. Capital Announces the Sale of DGS S.p.A.11.6.2024 12:00:00 CEST | Press release
H.I.G. Capital (“H.I.G.”), a leading global alternative investment firm with $62 billion of capital under management, is pleased to announce that an affiliate has signed a definitive agreement to sell its portfolio company, DGS S.p.A. (“DGS” or the “Group”), a leading firm in the Italian Information Technology market, to DGS Co-Founders and management team in partnership with ICG, a global alternative asset manager. Since its inception in 1997, DGShas supported blue-chip customers in the design, integration, and maintenance of complex IT systems, with a specialization in digital transformation and cybersecurity services. The Group currently has over 1,900 employees, revenues of approximately €300 million, and maintains a group of highly loyal clientele. During H.I.G.’s ownership, DGS has tripled in size and consolidated its position as a leading Italian firm in cybersecurity services and digital transformation. DGS offers its clients sophisticated and proprietary digital transformation
Evertas Names Nick Selby Head of European Underwriting11.6.2024 12:00:00 CEST | Press release
Evertas, the world’s first crypto insurance company, has named Nick Selby as its new Head of European Underwriting. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240611141887/en/ Nick Selby, Executive Vice President and Head of European Underwriting at Evertas (Photo: Business Wire) Selby, an accomplished information and physical security professional, brings two decades of expertise in public and private sector information security, physical security, and complex incident handling, as well as seven years of experience leading teams securing billions of dollars in cryptoassets. Previously, his roles included VP of the Software Assurance Practice at Trail of Bits, Chief Security Officer at Paxos Trust Company, and Director of Cyber Intelligence and Investigations at the NYPD Intelligence Bureau. “Nick is an extremely valuable addition to our European team,” said Evertas CEO and Co-Founder J. Gdanski. “His public and private
Owlet utvider globalt fotavtrykk med lanseringen av medisinsk-sertifisert Dream Sock™ i Storbritannia og over hele Europa11.6.2024 11:00:00 CEST | Pressemelding
Owlet, Inc. («Owlet» or the «Company») (NYSE:OWLT), pioneren innen smart spedbarnsovervåking, kunngjør i dag den britiske og europeiske lanseringen av Dream Sock. Dette er en smart babymonitor med levende helseavlesninger og varsler for friske spedbarn mellom 0-18 måneder og 2,5-13,6 kg. Dette innovative medisinske utstyret gir foreldre helse og viktig informasjon i sanntid, noe som gir uovertruffen trygghet. Denne pressemeldingen inneholder multimedia. Se hele pressemeldingen her: https://www.businesswire.com/news/home/20240611820341/no/ (Photo: Business Wire) «Vi er svært stolte over å lansere Dream Sock til omsorgspersoner over hele Storbritannia og Europa og gi millioner av foreldre mer trygghet mens babyen sover,» sa Kurt Workman, Owlets administrerende direktør og medgründer. «Dream Sock er nå et globalt produkt som er anerkjent som medisinsk nøyaktig og trygt, etter å ha gjennomgått regulatoriske autorisasjoner og sertifiseringer innenfor flere geografier. I dag er misjonen vår
V-Nova Surpasses 1000 Patent Milestone in Media Technology Innovation11.6.2024 10:00:00 CEST | Press release
V-Nova, a leading provider of data compression solutions, video compression technology, XR technology, AI acceleration and parallel processing for a multitude of industries including media and entertainment, today announced its milestone achievement of 1000 active technology patents. This accomplishment underscores V-Nova’s dedication to research and development and its commitment to protecting its intellectual property globally. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240611724561/en/ V-Nova’s patent portfolio spans more than 50 different jurisdictions. Including over 400 patents in Europe, over 200 in the Americas, over 100 in the United States specifically, and over 200 in Asia. V-Nova forged new directions in data processing to enhance digital experiences, maximize efficiency, reduce costs, and increase sustainability. The company leads the way with key international data compression standards for the video indust
Alipay+ Reveals Top Scorer Trophy Design for UEFA EURO 2024™11.6.2024 09:24:00 CEST | Press release
Alipay+, a suite of cross-border mobile payment and digitalization technology solutions operated by Ant International and an Official Partner of UEFA EURO 2024™, today revealed the trophy that will be awarded to the most prolific marksman at the UEFA EURO 2024™ finale on July 14 in Berlin, Germany. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240610328619/en/ The UEFA Top Scorer Trophy presented by Alipay+ is unveiled for UEFA EURO 2024™ (Photo: Business Wire) Sculpted in the shape of the Chinese character “支” (pronounced zhi, and meaning payment as well as support), the trophy reflects Alipay+’s dedication to supporting consumers to enjoy seamless payment and a broad choice of deals using their preferred payment methods while traveling abroad. The character also resembles the fleeting moment of a barefooted striker poised to shoot, evoking the original beauty and power of football – a game that united people across the wo