The hot carrier cell aims to extract the electrical energy from photo-generated carriers before they thermalize to the band edges. Hence it can potentially achieve a high current and a high voltage and hence very high efficiencies up to 65% under 1 sun and 86% under maximum concentration. To slow the rate of carrier thermalisation is very challenging, but modification of the phonon energies and the use of nanostructures are both promising ways to achieve some of the required slowing of carrier cooling. A number of materials and structures are being investigated with these properties and test structures are being fabricated. Initial measurements indicate slowed carrier cooling in III-Vs with large phonon band gaps and in multiple quantum wells. It is expected that soon proof of concept of hot carrier devices will pave the way for their development to fully functioning high efficiency solar cells.