Caterpillar and BST invest in ElevenEs
The announcement does not specify how much Caterpillar Venture Capital, a wholly owned subsidiary of the American construction and mining equipment manufacturer, and BST’s investment arm, based in Hong Kong, are contributing to the Serbian company. It also remains unclear whether additional investors participated in the first tranche of the Series B funding round. What is clear, however, is the purpose of the undisclosed capital injection: ElevenEs plans to use it to advance its 1 GWh factory, with construction set to begin as early as February 2026, according to the latest announcement.
What is happening
The first deliveries of battery cells are expected in 2027. ElevenEs claims to have developed proprietary LFP technology to "meet the high performance demands of industrial vehicles and equipment in mining, construction, rail transport, and maritime sectors, as well as battery-electric vehicles (BEVs), buses, trucks, and battery energy storage systems (BESS)." With shareholder Caterpillar, the Serbian company may also have a ready customer for its "robust and reliable battery solutions." ElevenEs had already commissioned its own pilot plant in 2023 and used it to refine its technology and production processes. The company specialises in high-performance LFP cells in a prismatic format, and there is also mention of 'Blade' cells. This term is used by the Chinese manufacturer BYD to describe its own prismatic LFP cells, which are characterised by their elongated shape, resembling a sword blade.
Why this matters for transport
In practice, this means Blade cells typically span the entire width of a vehicle. ElevenEs did not provide further details about its cells in the Series B funding announcement, as the company already did so last May . The current focus is primarily on the planned production facility, which is now set to be built. In Subotica, a factory complex of nearly 25,000 square metres will be constructed, featuring "state-of-the-art production facilities." ElevenEs’ "high-tech ecosystem" in Serbia is expected to employ more than 350 people, while the current team consists 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," says Nemanja Mikać, Founder and CEO of ElevenEs.
What to watch next
"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."