Nemanja Mikać, the founder and CEO of ElevenEs, a Subotica-based company specializing in LFP batteries, is currently a highly sought-after figure in Serbia. Originating as a development project of the multinational “Al Pack,” which focuses on aluminum processing for packaging, ElevenEs has now become a significant player in the energy transition by creating its own technology for producing lithium-iron-phosphate batteries—highly popular on the global market.
ElevenEs stands as a crucial link in the emerging chain of developments related to lithium production, cathode materials, battery manufacturing, and electric vehicles.
How does it feel to lead one of the most talked-about companies in Serbia?
Mikać reflects on the five-year journey, particularly the intense focus on batteries. “It feels great because I believe Serbia is poised to make a significant leap toward technological and economic advancement. I see this as an investment in the country’s future and am committed to driving it forward.”
How did LFP batteries end up being produced in Subotica?
The idea took off in 2019 when Mikać purchased an electric car and recognized its revolutionary potential. “It was a turning point. I delved into battery technology, noticing similarities with our operations at ‘Al Pack.’ Though this is a highly complex field, we quickly assembled a small team, which has now grown to 110 people.”
When do you plan to commence commercial production at your research and development center in Subotica?
“We plan to begin constructing a mega-factory by the end of this year, with the goal of starting battery production by late next year. By 2026, we aim to have our products ready for the market. We also have plans for additional phases, including a ‘Giga 1’ factory in Subotica and two more factories with a combined capacity of 49 gigawatt-hours.”
Do you have clients lined up already?
“We have some indications but haven’t made any public announcements yet. We expect to reveal some deals by the end of the year.”
In light of InoBat’s recent announcement of receiving 419 million euros in subsidies from the Serbian government, have you applied for similar support?
“Yes, we applied for subsidies under the same state mechanisms as InoBat, but the amounts and specifics are not public. These subsidies are performance-based and are granted once the factory is operational.”
How do you source raw materials and recruit skilled labor?
“Currently, we import all raw materials from China—lithium-iron-phosphate, graphite, aluminum, and other components. We plan to localize production in Serbia over the next seven to eight years, involving partners and creating a complete supply chain. This could lead to 5,000 new jobs. If we expand to include electric vehicle manufacturing, the potential is 10 to 12 billion euros per year and 20,000 new jobs. Our team comprises 21 nationalities, with about half from Serbia and the rest from around the world.”
Are there any major investors from the automotive or battery industries interested in your production?
“Interest exists across various sectors, including automotive, battery manufacturing, and energy storage systems. However, final agreements are still pending.”
From your perspective, what impact would the lithium mine have on your business?
“Having the entire production chain locally would greatly benefit our business. It would enhance our operations and unlock many new opportunities and companies in Serbia.”
With lithium prices falling, how might this affect your development?
“Lithium prices are influenced by supply and demand. Although prices may fluctuate, lithium remains a critical raw material. I believe prices will not drop significantly and may even rise slightly in the coming years. New mining projects will only impact prices around 2030.”
How long will lithium remain a critical raw material?
“Lithium will likely be crucial for at least the next ten to fifteen years. Sodium batteries, expected to capture a small market share, have limitations in volume and cost, making them less suitable for electric vehicles.”
Experts suggest that there might not be enough raw materials to transition all cars to electric. What is your view on this?
“Currently, we may not have enough for a complete transition, but new sources will emerge. Short-term deficits may occur, but long-term, the market will balance out.”
What are the key differences between LFP and Li-ion batteries?
“LFP batteries use a lithium-iron-phosphate cathode, whereas Li-ion batteries commonly use lithium-cobalt-oxide or nickel-manganese-cobalt cathodes. LFP batteries are less energy-dense but are more cost-effective, safer, and longer-lasting. This trade-off in energy density is offset by their safety and durability benefits.”
