Serbia’s battery producer ElevenEs is completing the construction of its mega factory in Subotica, which will manufacture lithium iron phosphate (LFP) batteries, according to CEO Nemanja Mikać.
“The ElevenEs team is already working on increasing production capacity, and 2026 will be crucial for the company’s development. Our mega factory in Subotica will be a significant step for the growth of our business and Serbia’s battery industry,” Mikać said in an interview with Seenews.
Mikać declined to comment on the financial aspects of the project, awaiting official data, but emphasized that the investment value is substantial.
He recalled that ElevenEs opened the first European R&D LFP center in Subotica in 2021 and developed the first LFP battery produced in Europe in 2023. The company aims to reach an annual energy storage capacity of 1GWh at its planned Subotica mega plant. After this investment, ElevenEs plans to build a gigafactory, Mikać noted.
“The gigafactory is the next step after the mega factory in ElevenEs’s growth strategy. The gigafactory’s capacity will be 8 GWh. It will be a significantly larger production facility and will enable us to reach production capacities that will be competitive globally,” Mikać explained.
He added that compared to other types of batteries, LFP batteries have a longer lifespan, are 10% cheaper, and are also safer.
In July of last year, ElevenEs was among the signatories of a letter of intent for the development of an e-mobility value chain in Serbia. The letter was signed after the Serbian government reinstated permits for the planned lithium-borate mine by Rio Tinto. Other signatories included the Serbian Ministry of Economy, the European Bank for Reconstruction and Development, the German development bank KfW, the Italian development bank Presti Depositi, Mercedes-Benz, Cassa Depositi Mercedes-Benz, Rio Tinto, EIT InnoEnergy, and Slovak battery manufacturer InoBat.
Regarding ElevenEs’s role in this initiative, Mikać said:
“Our role is to provide reliable and high-quality LFP batteries, which will be a key component of electric vehicles and energy storage systems. We believe that Serbia has the potential to become a regional center for e-mobility, and we want to contribute to this initiative.”
Mikać also pointed out that the potential opening of a lithium mine in Serbia could ensure a more secure supply of raw materials for his company and reduce reliance on imports, provided that lithium extraction proves to be sustainable and environmentally friendly.
“ElevenEs has a strategy to diversify its supply sources, and we mostly import finished raw materials from China,” he added.
Commenting on competition from China, which dominates global LFP battery supply, Mikać noted that ElevenEs offers faster delivery, better support, and more flexibility to European customers.
Regarding plans for regional expansion, Mikać told SeeNews:
“Regional expansion is part of our long-term strategy. We believe there is significant potential for the development of the battery industry in the region, and we want to be part of that growth. In the future, we plan to expand our production capacity and establish partnerships with regional partners. However, our main focus on the European market is currently on developing and consolidating our presence in Serbia”.
