Battery technology developer ElevenEs, which has production facilities in Serbia, plans to build a EUR 600 million gigafactory. It revealed that it is considering locations in Poland. The company said InnoEnergy is now one of its main shareholders.
Now backed by a group of international investors including the InnoEnergy fund, ElevenEs announced its next major step. The company registered in Luxembourg said it is “seriously considering Poland” for its planned investment: a EUR 600 million gigafactory for advanced battery cells.
The battery technology developer, which operates production facilities in Serbia, has unveiled its latest product in May. It said the Edge574 blade cell charges up to 80% in 12 minutes. The cycle life translates to a range of at least 500,000 kilometers for electric cars, ElevenEs’ update reads. The company specializes in lithium iron phosphate (LFP) technology.
“ElevenEs is revolutionizing the battery market, including batteries intended for the electric vehicle industry,” according to its statement on the gigafactory project.
The company aims to begin construction by the end of 2027 and eventually employ 700 engineers.
Company shortlists Kraków, Silesia, Lower Silesia
ElevenEs hasn’t determined the exact location, but it hinted it would be in southern Poland: Kraków, Silesia or Lower Silesia. The country would benefit from technology transfer and the opportunity to further develop it within the domestic economy, it stressed.
ElevenEs’ CEO Nemanja Mikać praised the Polish labor market, supply chain and access to Western European markets
An open labor market, availability of suppliers within the supply chain, presence of many universities, and access to Western European markets are all undeniable advantages of Poland, said founder and Chief Executive Officer of ElevenEs Nemanja Mikać.
“If we add potential public sector involvement to this, we have one of the most attractive places for investment in Europe… From a technology development standpoint, we are a clear leader in Europe. One of the most significant benefits of our technology is its ability to integrate different industrial sectors and build an innovation ecosystem around it,” he stated.
InnoEnergy becomes one of main shareholders of ElevenEs
In introducing the company to Poland and securing additional investors, ElevenEs is being supported by InnoEnergy. Since its founding in 2010, it has invested in over 540 European tech companies. InnoEnergy is now one of the main shareholders of ElevenEs.
“We specialize in connecting different stakeholder groups. Our broad ecosystem includes financial and industrial investors, as well as technology providers, research institutions, and academic centers. The projects we’ve completed demonstrate our experience and ability to execute large, complex investment ventures. We see enormous potential in the ElevenEs project – not only will it help build a strong, competitive Polish economy, but it may also allow Europe to finally establish a significant presence in the global battery value chain. This is one of those projects that could change the rules of the game,” said Mikołaj Budzanowski, CEO of InnoEnergy for Central Europe.
There are investors willing to support the project, but the success of the investment depends critically on the timing and decisiveness of the public sector, he explained. He also highlighted the necessary role of financial institutions.
Serbia in scope for mass production
Of note, Mikać recently said that ElevenEs would “localize and scale” LFP battery production in Serbia over the next seven or eight years. It could become the first country in Europe to launch mass production, he added.
The company wants to participate in creating a robust supply chain in Serbia and Central and Eastern Europe, but also potentially across the continent, he asserted.