Global Infrastructure SherpaCaterpillar Venture Capital and BST (HK) invest in ElevenEs' LFP battery cell megafactory project
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.
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Counterparts (4)
Investor
Caterpillar Venture Capital
Caterpillar Venture Capital (CatVC) invests in companies that enable next-generation products and services to benefit Caterpillar’s customers. Their investments focus on areas that drive value for Caterpillar, including autonomy, connectivity, digital, electrification, energy & sustainable solutions, and advanced materials.
B
BST (HK) affiliate
BST (HK)
BST (HK) is an investment company focused on infrastructure projects. They invest in a variety of sectors including utilities, energy transition, and digital infrastructure.
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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.
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
C
Caterpillar Venture Capital
investor
"backed by Caterpillar Venture Capital"
B
BST (HK)
investor
"an affiliate of BST (HK)"
E
ElevenEs
developer
"ElevenEs has completed the first closing of its series B investment round"
medium quality
Enriched Feb 19, 2026
Timeline
Announced
Feb 18, 2026
Signed
Closed
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