Abstract: Conversion of solar energy into thermal energy helps reducing consumption of non-renewable energies. Cermets (ceramicmetal composites) are versatile materials suitable, amongst other applications, for solar selective absorbers. Although the presence of metallic Ni particles in the dielectric matrix is a prerequisite for efficient solar selective absorption in NiCrOx cermets, no clear evidence of such particles is reported so far. By combining comprehensive chemical and structural analyses, we reveal the presumed nanostructure which is at the origin of the remarkable optical properties of this cermet material. Using sputtered NiCrOx layers in a solar absorber multilayer stack on aluminium substrate allows us to achieve solar absorptance as high as α=96.1% while keeping thermal emissivity as low as ε=2.2%, both values being comparable to best values recorded so far. With the nanostructure of sputtered NiCrOx cermets eventually revealed, further optimization of solar absorbers can be anticipated and technological exploitation of cermet materials in other applications can be foreseen.