Oh, invisibility cloak. You're the Chinese Democracy of tech stories. Scientists at work on an invisibility cloak project in Britain have supposedly made a breakthrough that eluded scientists working in Japan and elsewhere (that's right everyone's working on an invisibility cloak because never forget that scientists are nerds). They use "metamaterials":
Metamaterials work by interrupting and channelling the flow of light at a fundamental level; in a sense they can be seen as bouncing light waves around in a prescribed fashion to achieve a particular result.
The project is being funded by a Mr. H. Potter, who prefers not to divulge details about himself lest he be killed by Voldemort.