Caterpillar Venture Capital backs Serbia's battery maker ElevenEs

Serbian battery manufacturer ElevenEs has held the first closing of its Series B investment round backed by Caterpillar Venture Capital, a subsidiary of the U.S. engineering equipment manufacturer Caterpillar.

An affiliate of Hong Kong-based commodity trading house BST also participated in the funding round, ElevenEs said earlier this week. The size of the round was not disclosed.

ElevenEs will use the proceeds for the initial phases of infrastructure and equipment toward the planned 1GWh mega factory in the northern city of Subotica, with construction starting this month. The first deliveries of battery cells are expected in 2027.

ElevenEs completed its industrial pilot battery manufacturing plant in Subotica in 2023. The same year, it developed the first Lithium Iron Phosphate (LFP) battery produced in Europe.

The mega factory will feature nearly 25,000 square metres of production facilities and employ 350 people, allowing ElevenEs to transition to mass-scale production, specialising in high-performance LFP blade prismatic cells.

"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 Mikac, ElevenEs founder and CEO.

ElevenEs was established in 2022. It is 100% owned by a Luxembourg-based company of the same name.

Why it matters:

Caterpillar Venture Capital's backing of ElevenEs marks a significant validation of Serbia's emerging role in Europe's battery value chain. Strategic capital from a global industrial group — rather than purely financial investors — signals commercial confidence in ElevenEs' technology, scale ambitions, and execution capacity.