Low energy density in conventional capacitors severely limits efforts to miniaturize power electronics and imposes design limitations on electronics in general. We have successfully applied physical vapor deposition technology to greatly increase capacitor energy density. The high dielectric breakdown strength we have achieved in alumina thin films allows high energy density to be achieved with this moderately low dielectric constant material. The small temperature dependence of the dielectric constant, and the high reliability, high resistivity, and low dielectric loss of Al2O3, make it even more appealing. We have constructed single dielectric layer thin film capacitors and shown that they can be stacked to form multilayered structures with no loss in yield for a given capacitance. Control of film growth morphology is critical for achieving the smooth, high quality interfaces between metal and dielectric necessary for device operation at high electric fields. Most importantly, high rate deposition with extremely low particle generation is essential for achieving high energy storage at a reasonable cost. This has been achieved by reactive magnetron sputtering in which the reaction to form the dielectric oxide has been confined to the deposition surface. By this technique we have achieved a yield of over 50% for 1 cm2 devices with an energy density of 14 J per cubic centimeter of Al2O3 dielectric material in 1.2 kV, 4 nF devices. By further reducing defect density and increasing the dielectric constant of the material, we will be able to increase capacitance and construct high energy density devices to meet the requirements of applications in power electronics.