Looking at Darcy Member activity on Connect and broader developments in industry, we have selected the Top 10 Innovators in Darcy's "New Energies" vertical of 2024.

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 10 Innovators from 2024 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 models, 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.

• Hydrogen & CCUS articles are followed by a Darcy Live Event, make sure to check them out:

  • State of Innovation: Hydrogen on January 21, 2025.
  • State of Innovation: CCUS on February 4, 2025.

The Top 10 Darcy Innovators of 2024 in New Energies are (in random order):

Advanced Nuclear

Fission

• 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. In 2024, Kairos completed over 2,000+ hours of molten salt operations with its first non-nuclear Engineering Test Unit (ETU 1.0) – the largest Flibe test ever built – and started construction on a second iteration, ETU 2.0. Kairos Power will build on lessons learned from the ETU series to deploy the Hermes demonstration reactor, now under construction in Tennessee. Hermes is the first Gen IV reactor to be approved for construction by the U.S. Nuclear Regulatory Commission (NRC) and a pivotal step on the company’s path to commercialization. Kairos has also obtained construction permits for a second iteration – Hermes 2 –the first electricity-producing Gen IV plant to receive NRC approval. Kairos Power’s rapid progress toward commercial demonstration was underscored by a landmark deal with Google, announced in October, to deploy 500 MW of clean electricity generation by 2035. The world’s first corporate agreement for multiple advanced reactor deployments is expected to catalyze new nuclear development and expand access to clean, affordable nuclear energy to support U.S. decarbonization goals.

• X-Energy, headquartered in Maryland, manufactures both nuclear fuel and reactors. Their proprietary TRISO-X fuel seals uranium particles in a protective coating, which makes meltdown impossible and retains the spent fuel inside. They also develop Generation IV high-temperature gas cooled small modular nuclear reactors (HTGC SMRs), the Xe-100 (capable of a power output of 80 MWe) and Xe-Mobile (still on development, a microreactor that will be capable of a power output of 7MWe). Although based in the U.S., they hold a strong presence in Canada. During this year they raised $500 million in Series-C financing round (from Amazon, among others), they partnered with Transalta to study the deployment of SMRs in Alberta, and their SMR, Xe-100, achieved Canadian pre-licensing status.

• Terrestrial Energy, based in North Carolina with operation centers in Canada and the UK, develops advanced integral molten fluoride salt nuclear reactors (IMSR) with the goal of offering safe and reliable power solutions for electricity production and energy for industrial process heat generation; extending into both applications extends nuclear applicability beyond the current market footprint for SMRs. This reactor technology is based on the result of extensive research programs at the Oak Ridge National Lab (ORNL) that culminated in the construction and successful operation of a small experimental test reactor, the Molten Salt Reactor Experiment (MSRE). Although based on the proven MSRE reactor, the IMSR is designed to deliver a reactor of high commercial and industrial value, high reliability and operational utility. In 2024, they partnered with Schneider Electric on baseload zero-carbon energy solutions for large data centers and signed several MOUs with Zachry Group (engineering company), Viaro Energy (oil and gas company) and EnergySolutions (nuclear material transport company).

• 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. Last year, Oklo was selected to TIME's Best Inventions of 2023. In 2024, they acquired Atomic Alchemy (supplier of radioisotopes), they landed three partnerships to power oil and gas operations and data centers across the U.S. and they got the Environmental Compliance Permit for their commercial powerhouse in Idaho.

Fusion

• Type One Energy, headquartered in Tennessee with operation centers across the U.S. and Canada, is a company developing a Stellarator fusion reactor, which works by producing a twisted magnetic field with powerful magnets that keep fuel particles from drifting away in a plasma-state, which increases the chances of them fusing together. They manufacture their own modular high-temperature superconducting (HTS) magnets for their fusion reactor. They are collaborating in the Infinity One project, which includes building a Fusion Power Plant (FPP) in the former Bull Run Fossil in Clinton, Tennessee, together with the Tennessee Valley Authority (TVA) and the Department of Energy's Oak Ridge National Laboratory (ORNL). This year they were awarded the INFUSE grant from the U.S. Department of Energy, they secured over $50 million in a Seed Round. 

Fuel Cells

• Celadyne Technologies, based in Chicago, is a spinout from the Chain Reactions Innovations program at Argonne National Lab, with labs at Fulton Market, Chicago. Celadyne Technologies specializes in advance hydrogen technologies like fuel cell and electrolyzer applications with high durability and efficiency. Their innovative approach uses membranes that reduce gas permeation, facilitating safe hydrogen devices. With support from top-tier funders, Celadyne materials quintuple fuel cell lifespan for industrial applications while improving efficiency. Celadyne's most notable achievements in 2024 include: an expansion of their partnership with the U.S. Army for 50 kW fuel cells, a collaboration with General Motors on fuel cells for heavy duty trucking, a pilot electrolysis project with National Grid, the launch of CAPRI Celadyne Academic Partnerships for Research and Innovation) in cooperation with eading universities and national labs, and securing $4.5 million USD in seed investment to accelerate industrial decarbonization with fuel cells through partnerships with OEMs and other entities.

• 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 325 kW, 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 billion 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 2024, Bloom partnered with Shell to further develop their hydrogen ecosystem, strengthening their presence on international markets. This year alone they raised over $450 million.

• WATT Fuel Cell, located in Pennsylvania, produces solid-oxide (SOFC) fuel cell systems. Their tubular SOFCs systems can supply energy for residential use (WATT HOME™), off-grid remote operations (WATT REMOTE™) and land and water vehicles (WATT NOMAD™) by using natural gas and propane. Their products are modular and scalable by design, and they can provide up to 1.5 kW of energy.  They raised a total of over $80 million in funding, their main area of operation is the U.S. This year they deployed fuel cell systems to Ace Instruments Ltd. and they expanded their production capacity in preparation of commercial growth.

Advanced Combustion

• Mainspring Energy, a California-based company, offers a unique generator solution that can be fueled from conventional sources but has significantly lower NOx emissions. Mainspring’s Linear Generator runs on a low-temperature reaction and can operate with biogas, natural gas, hydrogen ammonia, and propane to produce up to 250 kW of electricity. Their generator comes in a container and the electricity produced can be purchased directly or through PPAs. Mainspring's achievements in 2024 include: partnering with Schneider electric to provide a fuel-flexible microgrid solution, powering the largest EV truck charging depot in the U.S. (for Prologis and Maersk), deploying generators at five Linear facilities in Texas and securing a grant from the U.S. DOE for $87 million.

• Crosstown H2R, headquartered in Switzerland, is a spin-off from Crosstown Power and is a product-oriented business delivering advanced burners for the decarbonization of gas turbines and NOx emissions reduction. Their product, the H2R Burner, can operate with any blend of hydrogen, crack ammonia and natural gas and can be tailored to fit existing burners (whether fitted with silo, annular, can-annular or can type combustion chambers), thus facilitating the transition to hydrogen. This year they secured €2 million in funding after coming out of stealth mode and they landed on partnerships with Fortum and Sulzer (engineering companies). 

Be on the lookout for another list focused on Geothermal coinciding with our upcoming virtual event on Geothermal: Heating and Cooling on February 18, 2025.

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!