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Funding: The authors thank the OxEon Corporation for supporting this work. The authors gratefully acknowledge the financial support from the Research Grants Council of Hong Kong (RGC Ref Nos. 16 201 820 and 16 206 019). This work was supported in part by the Project of Hetao Shenzhen-Hong Kong Science and Technology Innovation Cooperation Zone (HZQB-KCZYB-2020083). We acknowledge the National Key Research and Development, Program of China (2017YFA0700102), Natural Science Foundation of China (91 845 202) and Strategic Priority Research Program of Chinese Academy of Sciences (XDB2000000). The authors acknowledge the financial support from the National Key R&D Program of China (2022YFB4004000). The authors gratefully acknowledge financial support from Department of Energy (DOE) Grant # DE-SC0016965, and DOE Grant # DE-FE0031986, which equally supported the authors in writing this review. This work has been carried out within the ViSEP program (733.000.006) funded jointly by the Netherlands Organization for Scientific Research (N.W.O.) and Shell. Research supported as part of the hydrogen in energy and information sciences, an Energy Frontier Research Center funded by the U.S. DOE, Office of Science, Basic Energy Sciences, under Award #DE-SC0023450. In addition, Y K acknowledges funding from the U.S. Army Research Office through Grant No. W911NF-22-1-0273. The project that gave rise to these results received the support of a fellowship from ‘la Caixa’ Foundation (ID 100 010 434). The fellowship code is LCF/BQ/PI20/11760015. This work was funded by the European Research Council (ERC) under the European Union’s Horizon 2020 research and innovation programme, Grant Agreement No. 755744/ERC—Starting Grant TUCAS. The authors acknowledge DESY (Hamburg, Germany), a member of the Helmholtz Association HGF, for the provision of experimental facilities. Parts of this research were carried out at PETRA III, and the authors would like to thank Henrik Jeppesen for assistance in using beamline P02.1. Beamtime was allocated for proposal I-20211526 EC. The author is grateful for the financial support from the UK Catalysis Hub funded by EPSRC Grant reference EP/R027129/1. The authors wish to thank EPSRC for funding via Grant EP/R023921/1, the Henry Royce Institute (EP/X527257/1), the Royal Society of Chemistry (E22-6433572226) and The Royal Society (RGS\R2\222062). ISM acknowledges funding from the Royal Academy of Engineering through a Chair in Emerging Technologies Award entitled “Engineering Chemical Reactor Technologies for a Low-Carbon Energy Future” (Grant CiET1819\2\57). We thank the National Natural Science Foundation of China (Grant Nos. 51972233, 52172225 and 51825204), Natural Science Foundation of Shanghai (Grant No. 19ZR1459200), Science and Technology Commission of Shanghai Municipality (Grant No. 19DZ2271500) and the Fundamental Research Funds for the Central Universities for funding. Over the last decade, exsolution has emerged as a powerful new method for decorating oxide supports with uniformly dispersed nanoparticles for energy and catalytic applications. Due to their exceptional anchorage, resilience to various degradation mechanisms, as well as numerous ways in which they can be produced, transformed and applied, exsolved nanoparticles have set new standards for nanoparticles in terms of activity, durability and functionality. In conjunction with multifunctional supports such as perovskite oxides, exsolution becomes a powerful platform for the design of advanced energy materials. In the following sections, we review the current status of the exsolution approach, seeking to facilitate transfer of ideas between different fields of application. We also explore future directions of research, particularly noting the multi-scale development required to take the concept forward, from fundamentals through operando studies to pilot scale demonstrations. Postprint Publisher PDF