Devices that enable energy efficiency, like light-emitting diodes (LEDs) and improved power conversion electronics, are being increasingly recognized as a part of the energy solution. Across the overlapping value chains in these domains a slew of developers are working on innovative materials and system architectures, targeting the primary challenges of cost reduction and manufcaturability. However, this developer set is muddled, with disruptive start-ups and me-too companies in the emerging markets stepping on the toes of litigious multinational corporations. It is also characterized by evolving partnerships and rampant acquisitions to aid vertical integration. In this report, we highlight the key developers of LEDs and power electronics materials, modules, and systems, separating those that present investors, partners, and regulators with immense opportunity from those that represent potential pitfalls.