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Silicon Valley-based Nanosolar’s Powersheet was named innovation of the year by Popular Science. The Powersheet is a solar cell made with printing-press style machines that set down a layer of nanoparticle ink onto metal sheets as thin as aluminum foil. The panels can be made for about a tenth of what current panels cost and at a rate of several hundred feet per minute.

Nanoparticle ink is a proprietary ink developed by Nanosolar that makes it possible to simply print the semiconductor of a high-performance solar cell on highly conductive yet low-cost foil.

Nanosolar’s cells use no silicon and the company’s manufacturing process allow it to create cells that are as efficient as existing cells for as little as 30 cents a watt versus about $3/watt for existing silicon-based solar cells. For comparison purposes, to compete with coal that cost per watt has to be in the $1 per watt range.

Nanosolar is backed by several heavy hitters including Google’s founders, Benchmark Capital, SAC Capital, GLG Partners, OnPoint Technologies (the US Army’s private equity fund), and others including a $20 million grant from the U.S. Department of Energy.

Drooling for a chance to invest in this company? Stand in line - the firm is privately held and is presently not accepting any new capital.