Start by melting unsalted butter in a large sauce pan. Once melted, add in the diced yellow onion, red bell pepper, habanero (seeded and diced, or add a few seeds for some heat) and the finely minced garlic. Stir and cook over medium to medium-low heat until soft and slightly caramelized.
Next, add in the dark brown sugar, Coca-Cola, un-sulphured molasses, distilled white vinegar, kosher salt and ground black pepper. Stir and bring all of this to a boil. Once boiling, cook at a rolling boil for 10 minutes, stirring occasionally to avoid any sticking.
Lastly, whisk in 8 ounces of tomato paste. Reduce the heat to low and simmer for 30 minutes. The sauce should have thickened.
Allow the sauce to cool slightly before transferring to a blender. Secure the lid and remove the center plug – this will allow any steam to escape. With kitchen towel, cover the hole lightly and puree until smooth.