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Nanotechnology, being anticipated general purpose breakthrough technology of 21st century, has potential to solve problems related to human civilizations pertaining to both basic needs and aspirations for comfort life. Out of basic needs of human which include food, drinking water, energy, cloth, shelter, health and clean environment, perhaps, solving energy problem by providing a way to generating, storing, and converting it to required form at any time and any amount of time called ‘ubiquitous energy’ is the opportunity and the challenge for scientific world and for human prosperity. In this paper, we have discussed the challenges and opportunities of nanotechnology innovations and business opportunities in the energy sector. The nanotechnology impact on seven areas of energy sector including solar energy, wind energy, nuclear energy, oil-fuel based energy, artificial photosynthesis,energy storage and effective energy management to promote nanotechnology based energy as ubiquitous energy are discussed and reviewed.The paper includes possible innovations and research opportunities in nano-modified solar cells, Nano-influenced Fuel storage cells, and nanotech-based artificial photosynthesis. We have also used ABCD analysis to discuss the business opportunities by studying the advantages, benefits, constraints and disadvantages of nanotechnology based energy solutions.Finally, a futuristic possible solution is proposed for the problem of how to solve ever demanding energy crisis using Molecular Nanotechnology model.