Ok, this video actaully 'splains it a bit better than the press release that simply seems to be trying to cram in as many PC buzzwords as possible.

It seems he thinks he's found a more economical material for one of the electrodes. Traditionally, platinum is used for both electrodes but it is naturally very expensive. He doesn't seem to be claiming any efficiency improvements over platinum.

Anyway, drawing from the wind turbine thread, how about using a windmill to pump the water up?