Over 130 materials are known to catalyze the conversion of water to hydrogen and oxygen (Equation 16.1) [1], but most of them are plagued by either low energy efficiency, inadequate light absorption in the visible range, or material instability under catalytic conditions.DG ¼ þ 237 kJmol À1 ð1:3 eVe À1 ; l min ¼ 1100 nmÞ ð16:1ÞThese issues can potentially be solved with nanostructured catalysts that contain separate components for light absorption, water oxidation and water reduction. By building these structures in modular fashion from separate, preformed nanoparticles, it should be possible to optimize the catalytic function by adjusting the discrete properties of the various components. The working cycle of a hypothetical three-component catalyst is illustrated in Figure 16.1a. As the first step, bandgap absorption of a photon produces an electron-hole pair in the semiconductor (step 1 in Figure 16.1a). The pair becomes separated at the nanointerface, with the electron being guided (step 2) along a path of decreasing energy to the metal particle, where it enters an energy level above the Fermi level and becomes available as a reducing agent for water (step 3). If this step is fast enough (<50 ps), it will prevent recombination of the electron-hole pair -a limiting factor for water-splitting photocatalysts. Subsequently, an electron from the valence band of the metal-oxide particle is injected into