There's no shortage of lists to summarize the past year. But here at Darcy, we have a unique data set with activity on Darcy Connect from over 10,000 energy company Connect Users. Our data highlights which innovators gained most attention on Darcy Connect through views, clicks, likes, follows, meetings scheduled, fundings, among others. Combined with analysis from our Research Team about technology developments and market traction, we have selected the Top 15 Innovators from 2023 in each of our coverage channels. This is our way of saying: "these are the innovators that your peers are most interested in, so you should definitely go and learn more about them". In this article, you will find the Innovators that made it on the list in the category of New Energies.

But there is far more detail to dig into than what you'll find in this article:

• The Innovator names are all linked to their Storefront, where you can find in-depth information on their products, business model, and our Research Team's opinion; Connect Users are even able to schedule meetings with the Innovators through the "take action" tab on their page.
• Over the next month you will find weekly articles like this with Top innovator lists from our Energy Transition Research Program as we work through the coverage areas of CCUS, Hydrogen, Low Carbon Fuels, and New Energies.
• All articles will be followed by a Darcy Live Event. We will address the State of Innovation: New Energies on March 12, 2024.

The Top 15 Darcy Innovators of 2023 in New Energies are (in random order):

Geothermal

• Sage Geosystems, a geothermal cleantech based in Texas, leverages oil and gas technology for energy storage and geothermal power worldwide. Their innovations include EarthStore™ for mechanical storage and Battery+™ for geothermal storage. Sage has developed four technologies for modeling, fracking, fluid injection, and electricity production using their sCO2 turbine, demonstrating their tech to TRL7. Highlights in 2023 for Sage include a full-scale commercial pilot (March/April) of their energy storage technology utilizing their Geopressured Geothermal System (GGS) design, with results demonstrating long-duration (4-24+ hours) and load-following storage. Based on the results from this pilot, Sage successfully closed the first $17 million (December) of their Series A, with Chesapeake Energy Corporation (NASDAQ: CHK) leading the round. This first close will fully fund Sage's first 3MW commercial energy storage facility to be commissioned (i.e., storing water and producing electrons) by the end of 2024. Their Series A round is still open and targeting a full $30 million raise.
• CeraPhi Energy, CeraPhi is a geothermal energy developer focusing on the delivery of commercial scalable heat networks and self-sustainable energy hubs. The company has headquarters in the UK with representatives in Houston, Dubai and Rio de Janeiro. To date, their main focus and value proposition is their technology to re-purpose O&G wells. For this, they developed a tube-in-tube, closed-loop system called the CeraPhiWell, a self-contained system installed at several km depths accessing stable and deep geothermal heat. The system is designed to fit into old wells to extract heat from deep underground by a downhole heat exchanger. During 2023, they successfully proved their technology by piloting in a partner site in the UK. Results from the pilot project were better than expected.
• Eavor Technologies is a technology-based energy company whose aim is to generate clean, reliable, and affordable geothermal energy on a global scale. The company developed a novel geothermal closed-loop well approach, called the Eavor-Loop that, essentially works as a radiator. Their IP is how to implement, operate, and configure the radiator in a safe, scalable, and cost-effective manner. Eavor has developed three different well architectures for their closed-loop projects. 2023 saw the first commercial use of the Eavor-invented Insulated Drill Pipe (IDP) by both the Department of Energy at the Utah FORGE test site and by a Haynesville Shale Operator in Louisiana. This technology was successfully used in July 2023 to start their drilling program in Germany for a FOAK project for residential heating and power generation. 
• Fervo Energy is a geothermal energy project developer that uses existing technologies to demonstrate that Geothermal Energy can be scalable and cost-effective. Their Enhanced Geothermal System (EGS) proposes a series of production and injection horizontal wells along with underground stimulation for energy production. They have leveraged lessons learned from the Utah FORGE project, signed multiple commercial offtake agreements, and designed their system to work with modern ORC technology. During 2023, Fervo established its commercial pilot, Project Red, which began providing electricity to the Nevada grid, elevating Fervo’s technological approach to technology readiness level nine (TRL-9).
• GreenFire Energy develops and deploys closed-loop technology to unlock geothermal energy. Their IP is consolidated into 2 main products: GreenLoop Modeling and GreenLoop Designs. The former is a system for assessing the potential of a given geothermal resource and modeling the performance of alternative closed-loop geothermal designs to determine the optimal configuration. The latter designs the physical attributes of a closed-loop system including the depth of the well, the architecture of the pipe system (e.g., coaxial, multilateral, U-Loop), the sizes and specifications of materials, the type of working fluid to be employed, etc. During 2023, GreenFire announced project partnerships in New Zealand, Taiwan, Canada and Indonesia. They were also selected to form part of a US DOE-funded DAC project in California alongside Carbon TerraVault.

Advanced Combustion

• NET Power is developing large scale power generation technology that produces electricity from natural gas with nearly zero emissions, capturing CO2, SOx, NOx, and particulates through a novel oxy-combustion and supercritical CO2 cycle, the Allam cycle. NET Power was a Darcy speaker in 2023 alongside Oxy, their project partner in developing their first commercial scale system in Texas. In 2023, NET Power made some notable progress, including the conclusion of their front-end engineering and design (FEED) study, forming the basis for standardized utility-scale plants designs. There was also advancement in Project Permian, with site preparations and modifications taking place at the La Porte test facility. They additionally announced a joint venture with SK Group, aiming to combine NET Power's technology expertise with SK's development capabilities and footprint. They continued to develop collaborations with various entities including utilities, technology providers, and other stakeholders, aimed at accelerating deployment. Finally, the financial position of NET Power maintained success throughout 2023, where as of June 30, they held approximately $649 million USD cash and cash equivalents with no debt.
• Noble Thermodynamic Systems, is a power generation technology developer, advancing the Argon Power Cycle, a modified oxycombustion power system for reciprocating engines that promises low emission electricity from natural gas or hydrogen with up to 10% higher efficiency than current technologies. Originating from UC Berkeley's Combustion Analysis Laboratories, their technology utilizes a closed-loop cycle with argon as a working fluid to enhance power generation efficiency and enable in-process carbon capture. Positioned as zero-carbon and dispatchable, it's ideal alongside intermittent renewables, offering a low-cost solution with rapid ramping capabilities. Noble Thermodynamics aims to retrofit existing engines, potentially transforming assets into efficient power sources, with applications across power generation, industrial self-generation, and marine transportation. In 2023, NTS secured significant support from the California Energy Commission, receiving approval for Project Interconnection Reqeust (PIR)-23-009, and a grant approval of $4,242,259 USD for the development and demonstration of their technology.

Fuel Cells

• Fuel Cell Energy, develops and manufactures fuel cell systems for electricity, heating, cooling, CHP, and carbon capture. Based in Connecticut, and founded in 1969 as Energy Research Corporation, the company evolved to specialize in high-temperature, high-efficiency molten carbonate fuel cells. The company's business model focuses on system sales, offering technology that captures carbon while generating electricity, targeting industries that require reliable power and heat, and facilitating carbon capture from emissions of conventional power plants or industrial sites. In 2023, FCE had continued success, continuing to expand their footprint with SureSource installations on three continents, contributing to millions of megawatt hours of clean power produced. Their distributed hydrogen tri-generation platform in Long Beach began commercial operations, supplying renewable electricity, hydrogen, and water for Toyota. They also partnered this year with IBM to explore how AI could optimize the performance of their fuel cells by extending their lifespan and reducing costs. Finally, ExxonMobil's affiliate planned to construct a pilot plant this year at its Rotterdam Manufacturing Complex to test FuelCell Energy's carbonate fuel cell technology for carbon capture.
• Bloom Energy, headquartered in California, produces solid-oxide (SOFC) fuel cells. Its SOFC technology, suitable for stationary power, runs on various fuels including natural gas, biogas, and hydrogen, with a shift towards cleaner fuels expected. Bloom's product, the Bloom Energy Server, comes in modular systems of 1.4, 2.8, and 3.7 MW, aimed at industries with limited space or specific power and heat needs, and has expanded its portfolio to include solid oxide electrolyzers for hydrogen production. With over $2.6 million in funding and a focus on lowering costs for wider adoption, Bloom Energy aims to expand its market beyond its primary regions in the U.S. and South Korea, venturing into new international markets and applications such as marine fuel cells, while continuously innovating in fuel cell efficiency and scalability. In 2023, Bloom strengthened its partnership with SK ecoplant in the United States and international markets, focusing on the development of a hydrogen ecosystem. They also launched the Series 10 offering, a 10MW solution designed to provide reliable and sustainable power with a flat rate starting at 9.9 cents per kWh, backed by a five year guarantee. Finally, they reported a record full-year revenue of $1.3 billion in 2023, representing an 11.2% increase from the previous year.
• Celadyne Technologies, based in the United States, is a spinout from the Chain Reactions Innovations program at Argonne National Lab, with access to facilities at Fulton Market, Chicago. Celadyne Technologies specializes in advancing nanomaterials for fuel cell and electrolyzer applications to enhance durability and efficiency. Their innovative approach includes membranes that reduce gas permeation, facilitating safe hydrogen devices. With support from top-tier funders, Celadyne is at the forefront of materials development, aiming to quintuple fuel cell lifespan for industrial applications. Celadyne's most notable achievements in 2023 include exciting project progress in multiple applications with top-tier partners on both the electrolysis and fuel cell side, and securing $4.5 million USD in seed investment to accelerate industrial decarbonization with fuel cells through partnerships with OEMs and other entities.

Advanced Nuclear Fission

• TerraPower, based in Washington, TerraPower is developing Gen IV fission reactors including the Natrium traveling wave Reactor with integrated energy storage and molten chloride fast reactor designs. With over $1 billion in private investment and support from public grants, TerraPower is aiming to leverage its technologies for environmental benefits and human health, particularly in the areas of clean thermal and electrical energy production and medical advancements. In 2023, TerraPower made substantial progress in the development of their reactors, entering into strategic collaboration agreements with companies like SK, Korea Hydro and Nuclear Power (KHNP), and Cardinal Health to support the demonstration and commercialization of its advanced reactors and isotopes. TerraPower's subsidiary, TerraPower Isotopes (TPI), has made progress with their work increasing the global supply of Actinium-225, a rare isotope used in targeted alpha therapy for various cancers. Terrapower was also named to the inaugural XB100, a ranking of top 100 private deep-tech companies, published by XPRIZE and Bessemer Venture Partners. In addition, TerraPower has announced numerous MOUs this year including one with ENEC to explore global commercialization, and one with Uranium Energy Corp to collaborate on domestic Uranium fuel supply. Additionally, they began successful salt operations of the integrated effects test this year with Southern Company and CORE Power.
• Kairos Power, headquartered in California, is pioneering the development of an advanced fluoride salt-cooled high-temperature reactor (KP-FHR), aiming for a U.S. demonstration plant before 2030. Originating from research across U.S. universities and national labs, Kairos seeks to transform the global energy landscape with its innovative nuclear technology designed for safety, affordability, and rapid deployment. The KP-FHR utilizes TRISO fuel in a pebble-bed design with a low-pressure fluoride salt coolant, offering a novel approach to complement renewable energy sources and enhance grid resiliency. With a focus on reducing technical, licensing, supply chain, and construction risk, Kairos employs an iterative approach to expedite development, leveraging successive plan-design-build-test cycles with both nuclear and non-nuclear hardware demonstrations prior to the first commercial reactor. This approach, coupled with strategic partnerships, including the U.S. Department of Energy and multiple national laboratories, positions Kairos to offer cost-competitive, dispatchable power that supports a cleaner energy system, with cost certainty. Earlier this year, Kairos Power announced the completion of 1,000+ hours of molten salt operations with its non-nuclear Engineering Test Unit – the largest Flibe test ever built. And in 2023, following extensive engagement with the U.S. Nuclear Regulatory Commission (NRC), Kairos Power obtained a construction permit for its Hermes demonstration reactor – the first Gen IV reactor to be approved in the U.S, and a pivotal step on the company’s path to commercialization.
• Oklo, based in California, is advancing micro fast neutron reactors (FNRs), leveraging unique electrorefining processes and air self-sufficient cooling methods. Known for their fission battery design, Oklo's reactors can efficiently utilize actinides and HALEU fuel, offering enhanced power density, extended core life, and reduced plant size. The Aurora, Oklo's flagship product, is significantly smaller than conventional reactors, designed for microgrid applications with up to 20 years for each refueling cycle and a non-pressurized, liquid metal-cooled system. Oklo plans to sell electricity under power purchase agreements, focusing on affordable, reliable, carbon-free power. In 2023, Oklo was selected to TIME's Best Inventions of 2023. The U.S. Department of Energy also selected Oklo and its partners for four different cost-share awards to commercialize advanced fuel recycling. They also entered into a preferred supplier agreement with Siemens Energy for steam turbines and generator technology for their Aurora Powerhouse. Finally, in addition to several other commercial agreements and the announcement that they would be going public, Oklo and Centrus energy signed an MOU for fuel, components, and power procurement.

Nuclear Fusion

• Longview Fusion Energy, based in California, is pioneering laser fusion technology with a vision to commercialize it swiftly. Supported by the $42 million DOE program, IFE-STAR, focused on advancing inertial fusion energy (IFE), Longview builds on the fusion ignition success at the National Ignition Facility by extending the research there for commercial development, with a focus on development of high-gain target designs, high-efficiency lasers at high repetition rates, and IFE-relevant fusion target manufacturing, tracking, and engagement. Longview Fusion Systems also entered into a memorandum of understanding (MOU) with Fluor Corporation, a global engineering and construction firm, to collaborate on designing and planning laser fusion energy.
• TAE Technologies, located in California, with global offices, is a leading Fusion energy developer. Their proprietary Field-Reversed Configuration fusion technology, exemplified by the Norman and Copernicus reactors, aims for higher efficiency and lower environmental impact using hydrogen and deuterium, transitioning towards hydrogen-boron fuel. With $1.2 billion in funding, TAE's innovations extend beyond energy to electric mobility and medical treatments, highlighted by their Boron Neutron Capture Therapy for cancer. Strategic partnerships, including a notable collaboration with Google, enhance their fusion research through machine learning, aiming for commercial hydrogen-boron fusion plants by the early 2030s. TAE's commitment to advancing fusion energy is underscored by its extensive collaborations with academic, national laboratories, and industry leaders, driving towards a future of abundant clean energy. In 2023, TAE Technologies launched TAE Power Solutions, a power management spin-off company from its fusion energy efforts. This new subsidiary is focused on developing a proprietary technology platform to improve the reliability, efficiency, longevity, and affordability of electric-powered products. In collaboration with Japan’s National Institute for Fusion Science (NIFS), achieved a significant research advancement by conducting the first-ever hydrogen-boron fusion experiments in a magnetically confined fusion plasma.

Let us know if you have any questions or comments about this list in the comment section below, or via email to lindseym@darcypartners.com. We're looking forward to another year of exciting and insightful research!