Vantablack is a material developed by Surrey NanoSystems in the United Kingdom and is one of the darkest substances known, absorbing up to 99.965% of visible light (at 663 nano meters if the light is perpendicular to the material). The name is a compound of the acronym VANTA (vertically aligned nanotube arrays) and the color black.

Vantablack is composed of a forest of vertical tubes "grown" on a substrate using a modified chemical vapor deposition process. When light strikes Vantablack, instead of bouncing off, it becomes trapped and is continually reflected amongst the tubes, eventually becoming absorbed and dissipating into heat.

A paint has been developed that has non-randomly arrayed tubes for commercial and scientific uses, which include black camouflage and car tinting, but is NOT real VANTA material, and is not as non-reflecting.

More Info: en.wikipedia.org