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In conventional solar cell semiconductor materials (predominantly Si) photonswith energy higher than the band gap initially generate hot electrons andholes, which subsequently cool down to the band edge by phonon emission. Due tothe latter process, the energy of the charge carriers in excess of the band gapis lost as heat and does not contribute to the conversion of solar toelectrical power. If the excess energy is more than the band gap it can inprinciple be utilized through a process known as carrier multiplication (CM) inwhich a single absorbed photon generates two (or more) pairs of electrons andholes. Thus, through CM the photon energy above twice the band gap enhances thephotocurrent of a solar cell. In this review, we discuss recent progress in CMresearch in terms of fundamental understanding, emergence of new materials forefficient CM, and CM based solar cell applications. Based on our currentunderstanding, the CM threshold can get close to the minimal value of twice theband gap in materials where a photon induces an asymmetric electronictransition from a deeper valence band or to a higher conduction band. Inaddition, the material must have a low exciton binding energy and high chargecarrier mobility, so that photoexcitation leads directly to the formation offree charges that can readily be extracted at external electrodes of aphotovoltaic device. Percolative networks of coupled PbSe quantum dots, Sn/Pbbased halide perovskites, and transition metal dichalcogenides such as MoTe2fulfill these requirements to a large extent. These findings point towardspromising prospects for further development of new materials for highlyefficient photovoltaics.

Emergence of New Materials for Exploiting Highly Efficient Carrier Multiplication in Photovoltaics