Luxembourg-Based ElevenEs Secures Its First Series B Investment Round

The funding round was led by Caterpillar Venture Capital, Inc., a wholly owned subsidiary of Caterpillar Inc. (NYSE: CAT), with participation from an affiliate of BST (HK) Ltd., a Hong Kong-based commodity trading company.

ElevenEs plans to use the capital to begin building infrastructure and acquiring equipment for its planned 1GWh Mega-Factory, with construction scheduled to start in February 2026.

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Led by CEO and Founder Nemanja Mikać, ElevenEs is a battery technology company focused on industrializing lithium iron phosphate (LFP) cells, packs, and systems for electric mobility and energy storage applications. The company targets the European and North American markets with advanced, scalable battery solutions.

After completing its industrial pilot battery manufacturing plant in 2023, ElevenEs is set to move from pilot operations to mass production, focusing on high-performance LFP blade prismatic cells.

The new factory will span nearly 25,000 square meters, creating a high-tech ecosystem in Serbia with over 350 jobs, building on its existing team of 110+ international experts.

About ElevenEs

Founded in 2022, ElevenEs is Europe’s leading manufacturer of LFP (Lithium Iron Phosphate) battery cells. The company is committed to delivering clean, durable, and cost-effective energy storage solutions, powering electric mobility and energy systems from the heart of Europe, while building a high-tech ecosystem and advancing sustainable industrial innovation.