Caterpillar Venture Capital and BST (HK) invest in ElevenEs' LFP battery cell megafactory project

By Global Infrastructure Sherpa · Feb 18, 2026

Investment Battery Storage announced Subotica, Serbia Feb 18, 2026

1 GWh

Capacity

construction

Stage

ElevenEs completed the first closing of its series B investment round backed by Caterpillar Venture Capital and an affiliate of BST (HK) to fund the initial phases of infrastructure and equipment for its 1 GWh LFP battery cell megafactory in Serbia.

Deal Analysis

ElevenEs secured its first closing of a Series B investment round from Caterpillar Venture Capital and an affiliate of BST (HK) to finance the initial infrastructure and equipment phases of its 1 GWh LFP battery cell megafactory in Serbia. This investment underscores the growing demand for LFP battery technology in Europe, particularly for electric vehicles and energy storage solutions. The funding will enable ElevenEs to advance its production capabilities and contribute to the regional supply chain for battery cells. The involvement of Caterpillar Venture Capital, a strategic investor with expertise in industrial equipment and energy solutions, lends credibility to ElevenEs' technology and business plan. The investment from BST (HK) and its affiliate further demonstrates international interest in European battery manufacturing. While the specific investment amount remains undisclosed, this deal signifies a crucial step for ElevenEs in establishing a significant presence in the European battery market and supporting the transition to electric mobility and renewable energy storage.

Investment in a 1 GWh LFP battery cell megafactory in Serbia.
Involvement of Caterpillar Venture Capital, a strategic investor.
Participation of BST (HK) and its affiliate, indicating international interest.
Focus on LFP technology, a growing segment in the battery market.

Market Context: The battery storage sector is experiencing rapid growth, driven by the increasing adoption of electric vehicles and the need for grid-scale energy storage to support renewable energy sources. LFP batteries are gaining traction due to their safety, cost-effectiveness, and longer lifespan, making them a competitive alternative to other battery chemistries. Europe is actively seeking to establish a domestic battery supply chain to reduce reliance on Asian manufacturers.

Source Intelligence

KEY DETAILS

The new factory complex will span nearly 25,000 square meters in the first phase. According to ElevenEs, its high-tech ecosystem in Serbia will create more than 350 jobs.

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Capacity

megafactory of 1 GWh in annual manufacturing capacity

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Location

start of construction of a 1 GWh LFP battery cell megafactory in Serbia is scheduled for next month...The company is breaking ground next month in its home city of Subotica, in Serbia’s far north.

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Announcement

Published: February 18, 2026

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COD

First battery cells from Subotica factory due in 2027

PARTIES MENTIONED IN SOURCE

Caterpillar Venture Capital investor

"backed by Caterpillar Venture Capital"

BST (HK) investor

"an affiliate of BST (HK)"

ElevenEs developer