Financial Times Exclusive: Caterpillar Invests in Mega Battery Factory in Subotica

Serbian company ElevenEs has completed the first phase of its Series B investment round with support from Caterpillar Venture Capital Inc.

Construction of a 1GWh LFP mega-factory for battery cells in Subotica will begin in February 2026.

Caterpillar is a global leader in the manufacturing of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives.

In addition, the first phase of the investment round included participation from partner company BST, a leading Hong Kong-based commodities trading company.

This transaction represents a significant step for the future of European battery manufacturing, as the funds will be used for the initial phases of infrastructure and equipment construction for the planned 1GWh mega-factory, whose development begins in February 2026.

The first battery cell deliveries are expected in 2027. The project positions ElevenEs at the forefront of the global energy transition and marks a major step forward in delivering advanced electrification solutions sourced from Europe.

ElevenEs is expanding its proprietary Lithium Iron Phosphate (LFP) Edge battery technology to meet the strict performance requirements of industrial vehicles and equipment in the mining, construction, railway, and maritime sectors, in addition to battery electric vehicles (BEVs), buses, trucks, and battery energy storage systems (BESS). The collaboration with Caterpillar strengthens ElevenEs’ mission to provide robust and reliable battery solutions to customers worldwide.

After completing its industrial pilot battery production facility in 2023, ElevenEs will transition from pilot operations to mass production, specializing in high-performance LFP blade prismatic cells. The new factory complex will cover 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 expanding the existing team of over 110 international experts.

"At a crucial moment in the European battery industry, the investment by Caterpillar will support ElevenEs in advancing LFP technology, expanding its global presence, scaling operations to a 1GWh production capacity, and positioning itself as a leader in the European market", said Nemanja Mikać, Founder and CEO of ElevenEs.

"We look forward to developing advanced LFP solutions for various industrial applications, continuing innovation in energy storage systems, and supporting Caterpillar’s focus on energy solutions."

The 25,000 m² battery factory will be positioned in Subotica and will be the first facility of its kind in Serbia, with an annual production capacity of 1 GWh. Initially, the factory was expected to employ 350 workers. The facility will feature a modern automated production line handling stable, non-volatile LFP materials. The building itself has been designed according to the highest sustainability standards, low-carbon footprint production, and a design optimized for minimal waste and circularity.

About ElevenEs

ElevenEs is a battery technology company dedicated to the industrialization of Lithium Iron Phosphate (LFP) battery cells, packs, and systems for electric mobility and energy storage applications.

Registered in Luxembourg, with headquarters and primary operations in Serbia, ElevenEs focuses on delivering safe, sustainable, and high-performance battery solutions for the European and North American markets.