Mapping innovation in energy startups: A data fusion journey with OpenCorporates and Semantic Scholar

Today’s energy sector is evolving fast. With thousands of new companies emerging each year, keeping track of innovative startups is both a challenge and an opportunity. So how can investors, policymakers, and researchers quickly identify the most promising ventures, especially those with deep scientific expertise? In this post, I’ll walk through the methodology, share some key findings, and explain how this approach opens new doors for data-driven innovation analysis.

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Delaware is “losing incorporations”? Our data shows a different story

Delaware’s incorporations are still growing in absolute terms. Our data shows Delaware’s total recorded companies rising from 5.02m (Nov 2023) to 5.30m (Nov 2024) to 5.62m (Nov 2025), a ~10% increase over two years. The real change is in where new, small entities (especially LLCs) are being formed. Our December 2024 blog series documents that Wyoming overtook Delaware in new incorporations on a per‑capita basis, powered by a nationwide explosion in LLCs. High‑profile “DEXIT” reincorporations are happening, but they don’t equal an overall collapse. After court‑driven flashpoints, some large companies announced moves (e.g., Tesla and SpaceX), a visible but numerically limited subset of total formations.

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The rise and rise of the LLC

Wyoming’s spectacular rise to overtake Delaware in per-capita company incorporations has been powered by what has fast become the dominant legal form in the US, the LLC, a form of limited partnership.

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Company registers: Why penalties do and don’t matter

Last week, the Business Registry Insights group published a fascinating report on penalties issued by legal entity registers around the world. This is, admittedly, a bit wonkish, but at OpenCorporates we are proud to be wonkish about legal entity register data (in fact, a working definition of wonkish could be - unsexy details that matter relating to an unsexy but important subject).

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