Smoltek

What Smoltek does

Smoltek Nanotech Holding AB is a Swedish public deep-tech company headquartered in Gothenburg, founded in December 2005 as a spin-off from Chalmers University of Technology. The company develops a proprietary carbon nanofiber (CNF) technology platform based on controlled growth of vertical carbon nanostructures via PECVD processes, which dramatically increases the available surface area for chemical and electrical processes. Smoltek commercializes this platform through two wholly-owned subsidiaries: Smoltek Semi, which produces ultra-thin CNF-MIM (Carbon Nanofiber Metal-Insulator-Metal) capacitors targeting power delivery in next-generation advanced semiconductor packaging for AI accelerators, HPC, GPUs, HBM memory systems, data centers, RF, and optoelectronics; and Smoltek Hydrogen, which produces Porous Transport Electrodes (PTE) for PEM electrolyzers and fuel cells that achieve a 95% reduction in iridium loading (from 2.0 mg/cm² to 0.1 mg/cm²) while maintaining equivalent electrochemical performance.

The business model combines licensing (upfront fees, NRE, and royalties) with hardware sales and prototype/engineering-sample services across both verticals. Smoltek employs a sales-led, partnership-driven go-to-market targeting large industrial OEMs — including electrolyzer manufacturers, fuel cell makers, semiconductor companies, and component suppliers — with a structured progression from samples to formal collaboration to licensing and production. The company holds 98 granted patents across 21+ families (120+ patent assets) covering CNF fabrication, interposer technology, porous transport electrodes, and corrosion protection, with protection secured across the USA, Japan, Korea, Taiwan, China, Europe, and India. Manufacturing partners include ITRI in Taiwan (capacitors), SparkNano (Spatial ALD), and AGC Plasma Technology Solutions (PECVD), with strategic R&D and commercial collaborations including Heraeus Precious Metals (PEM electrolyzers) and an unnamed leading global automotive manufacturer (fuel cell electrodes).

Smoltek has been listed on Sweden's Spotlight Stock Market under ticker SMOL since February 2018 and is currently in an industrialization phase targeting volume production in 2026-2027 with a stated goal of positive cash flow from 2027. The company has 11-50 employees, predominantly PhD-level R&D staff in materials science and nanotechnology, and has secured recent financing via a SEK 6 million convertible loan (February 2026) and a SEK 60 million rights issue (June 2026) to accelerate commercialization across both semiconductor and green hydrogen markets.

Name

Smoltek

Legal name

Smoltek Nanotech Holding AB

Website

https://smoltek.com

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

11–50 employees

Short description

Smoltek is a Swedish public deep-tech company that commercializes a proprietary carbon nanofiber platform through two subsidiaries: Smoltek Semi (ultra-thin CNF-MIM capacitors for AI and HPC power delivery) and Smoltek Hydrogen (porous transport electrodes that cut iridium use in PEM electrolyzers by 95%).

Ownership category

akta.pro rank

Product category

Semiconductor Advanced Packaging

NAICS

Capacitor, Resistor, Coil, Transformer, and Other Inductor Manufacturing (334416)

SIC

Electronic Coils, Transformers & Other Inductors (3677), Semiconductors & Related Devices (3674)

akta.pro primary industry

Capacitors (Ceramic/Film/Electrolytic/Tantalum/Supercapacitors) (HDAHANAB)

akta.pro secondary industries

Battery & Energy Storage High-Purity Chemicals (Electrolyte salts/solvents, additives) (IMAEAKAM), Dielectrics & Insulation Materials (Low-k/High-k/Spin-on/Hardmasks) (HDAHAGAJ)

Keywords

• Carbon nanofiber technology
• Semiconductor capacitors
• PEM electrolyzer electrodes
• Advanced chip packaging
• Green hydrogen components

Headquarters

HQ city

Gothenburg

HQ country

Sweden

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Licensing Royalties: Smoltek licenses its PTE technology to electrolyzer manufacturers and component suppliers. The licensing model includes three components: upfront licensing fees for patent access, non-recurring engineering fees for integration support and qualification assistance, and production royalties based on net sales of products incorporating the technology.
2. PTE Product Sales: Manufacturing and selling complete Porous Transport Electrodes (PTE) to customers in the hydrogen sector, enabling them to achieve nearly 100% catalyst utilization.
3. Prototype and Low-Volume Production: Production of capacitor prototypes and low-volume series for customer-specific projects, including engineering samples for initial testing and feasibility studies.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

Smoltek develops and commercializes carbon nanofiber (CNF)-based components through two portfolio subsidiaries. Smoltek Semi produces ultra-thin CNF-MIM capacitors for advanced semiconductor packaging that integrate directly underneath processors to enable stable, energy-efficient power delivery in AI, HPC, data-center, RF and optoelectronics applications. Smoltek Hydrogen produces Porous Transport Electrodes (PTE) for PEM electrolyzers and fuel cells, achieving a 95% reduction in iridium usage (0.1 mg/cm² vs. 2.0 mg/cm² conventional) by growing vertical carbon nanofibers on PTL substrates that create a 30x larger active surface area.

Product overview

Smoltek is a Swedish deeptech company that develops and commercializes carbon nanotechnology solutions through two portfolio companies: Smoltek Semi and Smoltek Hydrogen. Smoltek Semi develops ultra-thin CNF-MIM capacitors for power delivery in advanced semiconductor chips for AI, HPC, and edge computing. Smoltek Hydrogen develops Porous Transport Electrodes (PTE) that dramatically reduce iridium usage in PEM electrolyzers and fuel cells for green hydrogen production. Both products are based on the company's proprietary carbon nanofiber (CNF) technology platform that increases available surface area for chemical and electrical processes.

Differentiator

Problem solved

Functional benefit

Products and services

• CNF-MIM Capacitors Ultra-thin Carbon Nanofiber Metal-Insulator-Metal (CNF-MIM) capacitors manufactured by Smoltek Semi, designed to be integrated directly underneath processors for stable, energy-efficient power management. Delivered with high capacitance density (1 µF/mm²), low current leakage (1,000x lower than prior generation), 1,000 GΩ insulation resistance, and validated to 2,000+ hours at 85°C/105°C with zero failures. Sold to enterprise semiconductor manufacturers and advanced-packaging designers for AI accelerators, HPC, data-center processors, networking ASICs, RF applications, and optoelectronics.
• Porous Transport Electrode (PTE) Porous Transport Electrode (PTE) hardware manufactured by Smoltek Hydrogen for PEM electrolyzers and fuel cells, using vertical carbon nanofibers grown on PTL substrates as catalyst support. Delivers a 95% reduction in iridium loading (from 2.0 mg/cm² to 0.1 mg/cm²) while maintaining industry-standard performance, with a 30x larger active surface area than conventional electrodes. Sold and licensed to enterprise PEM electrolyzer manufacturers, fuel cell makers, MEA makers, PTL/bipolar-plate makers, and PGM suppliers for green-hydrogen production and fuel-cell applications including industrial hydrogen, energy storage, steel, heavy-duty transport, shipping and aviation.
• Carbon Nanofiber Technology Licensing & NRE Services Licensing package for Smoltek's proprietary carbon nanofiber (CNF) synthesis platform and related component IP (CNF-MIM capacitors and PTE), sold to enterprise industrial partners. Includes upfront licensing fees for patent access, non-recurring engineering (NRE) fees for integration support and qualification assistance, and ongoing production royalties tied to net sales of products incorporating the technology. Buyers include electrolyzer manufacturers, fuel cell manufacturers, semiconductor companies, automotive OEMs, and component suppliers.

Quantifiable outcome

• Iridium reduction in PEM electrolyzers from 2 mg/cm² to 0.1 mg/cm² (95% reduction)
• +4 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered minor and core.

• Swedish Energy Agency / German-Swedish Chamber of CommerceminorGTM or Marketing Partner · 28 January 2026Strategic program managed by Swedish Energy Agency and German-Swedish Chamber of Commerce to accelerate Swedish cleantech companies' commercial expansion into Germany - Europe's leading market for green hydrogen.
• ITRI (Industrial Technology Research Institute)coreStrategic or Co-development Partner · 18 June 2025Technical service agreement with Taiwan's leading semiconductor foundry for low-volume production of CNF-MIM capacitors and installation of Smoltek's advanced PECVD system. ITRI provides manufacturing capabilities and validation services to transform laboratory breakthroughs into commercial reality.
• Heraeus Precious MetalscoreStrategic or Co-development Partner · 11 February 2025Strategic collaboration to elevate the functional efficiency of porous transport electrodes in PEM electrolyzers to new heights. Focuses on combining respective expertise to enhance PTE functionality and efficiency, targeting higher hydrogen output per kilowatt in next-generation electrodes.
• Qamcom Group ABminorStrategic or Co-development PartnerOngoing collaboration agreement with offset issue involving transfer of 727,783 shares to settle claims from December 2024 to November 2025.

Scale indicators4 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• TDK Corporation: Global leader in passive components including MLCC capacitors, with strong positions in advanced semiconductor packaging and automotive electronics. Comparable to Smoltek Semi in targeting high-performance capacitor applications and in serving the same OEM customer base in computing and automotive end markets.
• Nel ASA: Norwegian global leader in PEM and alkaline electrolyzers and hydrogen fueling stations. Comparable to Smoltek Hydrogen as the leading PEM electrolyzer platform that could integrate Smoltek's low-iridium PTE electrodes into its stack design.
• Cabot Corporation: Global specialty chemicals and performance materials company with deep expertise in carbon black and advanced carbon materials. Comparable to Smoltek in carbon-based materials science and as a much larger incumbent that could either compete with or license complementary carbon nanomaterial technologies.
• Umicore: Belgian materials technology group and one of the world's largest producers of precious metal catalysts, including PGM-based catalysts used in PEM electrolyzers and fuel cells. Comparable to Smoltek Hydrogen as a direct competitor supplying catalyst materials to the same electrolyzer OEMs and as a potential alternative supplier of low-iridium catalyst solutions.
• Murata Manufacturing: World's largest MLCC capacitor manufacturer and a dominant supplier of passive components for advanced electronics. Directly comparable to Smoltek Semi as both target capacitor sockets in demanding electronic systems, though Murata operates across the full passive component portfolio rather than specializing in the AI/HPC advanced packaging niche.
• Samsung Electro-Mechanics: One of the top three global MLCC manufacturers, with growing focus on miniaturized and high-capacitance-density capacitors for mobile, automotive and server applications. Comparable to Smoltek Semi in pushing capacitor performance for advanced electronics and as a potential competitor for next-generation AI processor power-delivery sockets.
• Taiyo Yuden: Major Japanese MLCC and inductor manufacturer with broad product portfolio across consumer, automotive and industrial electronics. Comparable to Smoltek Semi as a global capacitor supplier pursuing miniaturization and higher capacitance density, though with much greater scale and broader customer coverage.
• Yageo Corporation: Taiwan-headquartered passive components giant following its acquisition of KEMET, with leadership positions in MLCC, tantalum and film capacitors. Comparable to Smoltek Semi in serving global electronics OEMs with capacitor solutions and as a competitor in advanced packaging sockets.

Regional players

• ITM Power: UK-based leading PEM electrolyzer manufacturer focused on large-scale green hydrogen production systems. Comparable to Smoltek Hydrogen as a key potential customer for the PTE technology and as a peer in the European green hydrogen value chain targeted by Smoltek's German expansion plans.

Direct peers

• Bekaert: Belgian advanced materials company and leading supplier of porous transport layers (PTL) for PEM electrolyzers, the substrate on which Smoltek grows its carbon nanofibers. Directly comparable to Smoltek Hydrogen as a critical component supplier into the same electrolyzer value chain and a potential integration partner or competitor for next-generation electrode architectures.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Smoltek
• LinkedInlinkedin.com/company/smoltek-ab

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries2 records

Funding overview

Funding rounds8 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Smoltek