ElevenEs held 1st Closing of its Series B Investment Round Backed by Caterpillar Venture Capital Inc.

Core Insights - ElevenEs has completed the first closing of its Series B investment round, backed by Caterpillar Venture Capital Inc., which will support the construction of a 1GWh LFP Battery Cell Mega Factory in Subotica, Serbia, starting in February 2026 [1][1][1] Company Overview - ElevenEs is a battery technology company focused on the industrialization of lithium iron phosphate (LFP) battery cells, packs, and systems for electric mobility and energy storage applications [1][1][1] - The company is incorporated in Luxembourg, with its main operations based in Serbia, and aims to deliver safe, sustainable, and high-performance battery solutions for European and North American markets [1][1][1] Investment and Project Details - The investment round also included participation from an affiliate of BST (HK) Ltd., a leading commodity trading house [1][1][1] - The proceeds from the investment will be used for the initial phases of infrastructure and equipment for the planned Mega-Factory, with the first battery cell deliveries expected in 2027 [1][1][1] Factory Specifications - The facility will cover approximately 25,000 square meters and will focus on high-performance LFP blade prismatic cells [1][1][1] - The Mega Factory is expected to have an annual capacity of 1 GWh and will employ over 350 people, significantly increasing the existing team of over 110 international experts [1][1][1] Technology and Sustainability - ElevenEs is scaling its proprietary LFP Edge battery technology, which is cobalt and nickel-free, to meet the performance demands of various industrial applications, including mining, construction, rail, marine segments, and battery electric vehicles [1][1][1] - The project emphasizes sustainability with lower carbon footprint manufacturing and a facility design optimized for low waste and circularity [1][1][1]