The PrePeat printer, a new product from Japanese company Sanwa Newtec, allows you to print on a page, erase it, and print again.

The new process makes use of special paper made from PET plastic. The paper is waterproof and crumple-resistant. The printer uses neither ink nor laser, but a thermal process. The thermal head can both erase the old printing and lay down the new page.

The first model, called the PrePeat SRP-3100, is Windows only. It holds 20 sheets and uses a parallel port only. It’s not clear what the speed is from the company specifications.

A good idea, but the cost right now is prohibitive. The product, available in Japan now, costs about $5,600 dollars, and each sheet of “paper” costs around $3. Even worse, you have to buy the media in lots of 1,000, meaning the whole initial investment would be near $10,000. That would pay for a hell of a lot recycled paper and toner, along with a half-dozen fast office printers.

It’s hard to imagine this product making it in the marketplace, but it may well be the prototype of a new printing direction.

Watch a video of the device in action here.