Caterpillar VC invests in ElevenEs' 1GWh LFP cell factory

By Global Infrastructure Sherpa · Feb 16, 2026

Investment Battery Storage announced Subotica, Serbia Feb 16, 2026

1 GWh

Capacity

construction

Stage

Megafactory

Project

Caterpillar VC led a Series B funding round in ElevenEs, a startup building a 1GWh LFP cell factory in Subotica, Serbia. The proceeds will go toward infrastructure and equipment required for the initial phases of the Megafactory.

Deal Analysis

Caterpillar VC's lead investment in ElevenEs' Series B funding round signifies a growing interest in LFP (Lithium Iron Phosphate) battery technology and its potential to disrupt the battery storage market. The funding will support the construction of ElevenEs' 1GWh LFP cell factory in Subotica, Serbia, a critical step in establishing a European supply chain for this increasingly important battery chemistry. The involvement of Northvolt as an investor further validates the strategic importance of ElevenEs and its potential to contribute to a circular battery economy. This investment demonstrates a commitment to expanding battery production capacity within Europe, reducing reliance on Asian manufacturers and supporting the electrification of various sectors. The deal is notable for several reasons. First, it represents a significant investment in LFP technology, which is gaining traction due to its safety, cost-effectiveness, and sustainability. Second, the involvement of Caterpillar VC, a strategic investor with deep expertise in industrial equipment and manufacturing, provides ElevenEs with valuable resources and market access. Third, the location of the factory in Serbia highlights the growing importance of Eastern Europe as a hub for battery production. Finally, the participation of Northvolt, a leading European battery manufacturer, underscores the collaborative nature of the European battery ecosystem and the shared goal of establishing a sustainable and competitive battery industry.

Caterpillar VC leads Series B funding for ElevenEs' 1GWh LFP cell factory.
The factory will be located in Subotica, Serbia, expanding battery production capacity in Eastern Europe.
Northvolt's participation as an investor validates the strategic importance of ElevenEs.
The investment supports the development of LFP battery technology, known for its safety and cost-effectiveness.

Market Context: The battery storage market is experiencing rapid growth, driven by the increasing demand for electric vehicles, renewable energy storage, and grid stabilization. LFP batteries are emerging as a key technology in this market, offering a compelling alternative to traditional lithium-ion batteries. Europe is actively seeking to establish a domestic battery supply chain to reduce its dependence on Asian manufacturers and support its ambitious electrification goals.

Source Intelligence

KEY DETAILS

Construction will begin this month, and the first battery cell deliveries are expected to begin next year, scaling ElevenEs’ proprietary LFP blade prismatic cell technology

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Deal Size

While financial terms of the Series B were not disclosed, ElevenEs said the proceeds will go toward infrastructure and equipment required for the initial phases of its planned ‘Megafactory’ in Subotica, Serbia, which will have a 1GWh annual production capacity.

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Capacity

which will have a 1GWh annual production capacity.

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Location

its planned ‘Megafactory’ in Subotica, Serbia, which will have a 1GWh annual production capacity.

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Announcement

Serbia-headquartered manufacturer ElevenEs announced the first closing of a Series B funding round yesterday (16 February)

PARTIES MENTIONED IN SOURCE

Caterpillar VC investor

"Caterpillar VC backs startup ElevenEs as it builds 1GWh LFP cell factory in Serbia"