Caterpillar Venture Capital, the wholly‑owned subsidiary of Caterpillar Inc., announced on February 19 2026 that it had completed the first closing of a Series B investment round for ElevenEs, a Serbian‑based lithium‑iron‑phosphate (LFP) battery manufacturer. The first closing of the round took place on February 16 2026.
The investment will provide capital for infrastructure and equipment needed to build ElevenEs’ planned 1 GWh “Megafactory” in Subotica, Serbia, and to expand the company’s production capacity for LFP cells that are increasingly sought after for heavy‑industry electric vehicles and energy‑storage systems.
The funding aligns with Caterpillar’s broader strategy to electrify its heavy‑industry equipment portfolio. By investing in a European LFP producer, Caterpillar gains early access to a battery technology that offers safety, cost‑effectiveness, and sustainability advantages, while also supporting the company’s goal of reducing emissions across its product lines.
The announcement does not represent Caterpillar Venture Capital’s first capital infusion. The venture arm has previously invested in Infinitum Electric (2021), Lithos Energy Inc. (January 2023), and Equipmake (March 2025), among other ventures.
Nemanja Mikac, CEO of ElevenEs, 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 1 GWh production facility, and position its European market leadership.”
The investment also contributes to the development of a European battery manufacturing ecosystem, reducing reliance on Asian suppliers and strengthening supply‑chain resilience for the region.
The content on EveryTicker is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.