Redeye initiates coverage of Smoltek, a company with proprietary technology for the precise growth of carbon nanofibers, targeting capacitor and PEM electrolyzer applications. With reliability now demonstrated and commercial focus sharpened, we see good prospects for securing a commercial partner and scaling production in a capital-light manner through its licensing model. We believe this optionality is underappreciated in the current valuation, although our valuation range remains wide given the limited visibility at this stage.

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