Well they say it doesn't rely on pigments, so I'm inclined to think it uses some sort of nano-structures, like "improved" vantablack. Like a forest where light goes in, but just get's scattered long before it can make its way back out. Ben did a really nice video about that homemade stuff, including (of course) some electron microscope images.

https://www.youtube.com/watch?v=Xr1AiExSAnU