February 27, 2026: European LFP battery tech developer ElevenEs has completed the first closing of an investment round for its planned gigafactory in Serbia.

ElevenEs, which is backed by the venture capital arm of construction and mining giant Caterpillar, said on February 16 that proceeds from the Series B round would be used to launch initial phases of its 1GWh per annum LFP cells plant.

Financial details of the round were not disclosed. ElevenEs said an affiliate of Hong Kong-based commodity trading house BST (HK) participated in the funding.

Construction of the plant was due to start imminently, with first battery cell deliveries of the firm’s proprietary LGP Edge battery tech scheduled for 2027.

The company completed its pilot industrial-scale battery manufacturing plant in 2023.

The firm said it will now transition from pilot operations to mass-scale production, specializing in high-performance LFP blade prismatic cells.

The new factory complex will feature nearly 25,000 square metres of production facilities.

ElevenEs founder and CEO Nemanja Mikać said: “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.”