It oxidizes hydrocarbons. It's another fuel-cell. It has a complex support structure around it. The key thing I heard was the efficiency being "twice" a regular Nat Gas system. That tells me it still needs a lot of fuel.
So this particular device is not the holy grail. Nevertheless, it is a step in the right direction theoretically. The practical value is still to be determined especially with the heavy front-end cost. And what are the products of this process? CO2 and H2O?
So little information...