Serbian battery company ElevenEs, which makes LFP (Lithium Iron Phosphate) cathode battery cells, announced the opening of its first industrial facility in Subotica, Serbia. It claims it is Europe’s first dedicated to LFP production.
The cell manufacturing plant is backed by the European Union’s EIT InnoEnergy battery investment body.
The facility will produce prismatic cells for use across a variety of applications, including electric cars, buses, trucks and energy storage systems.
The plant will expand to become the company’s megafactory in 2024, producing 500MWh, it said. ElevenEs’s roadmap over the next five years includes operating two gigafactories with a combined capacity of 48GWh.
ElevenEs’s Edge battery cells have cell-to-pack capability and offer higher energy density on a pack-level than other LFP cell designs.
The company said the LFP cell market is expected to see significant growth in the coming years. It had more than a nine-fold growth in global sales over the past two years alone.
It believes expansion of the industry in Europe serving the EU market will offset Chinese market strength.
Nemanja Mikac, CEO at ElevenEs, said: “The expansion of our R&D centre and opening of our first production facility in Serbia is a huge milestone for ElevenEs and the European battery cell market as a whole.
“LFP has proven its potential to transform the EV market recently and, according to McKinsey, is forecast to be the number one battery cell chemistry utilised globally by the end of this decade.”