My understanding is that is concept has been around for a good few years. The problem is that you cannot create or destroy energy only change it from one form to another.
If you use more energy to create it than it contains, then where does the energy to create it come from? Oil

Well, if you can get the energy from renewables then it's a potential way to store it and use it for something useful, however inefficient. Better than having fossil plant on standby in case the wind drops. I suspect it's not just inefficient, but woefully inefficient, though.
Still: Soundbite for the dumbass politicians: Make a litre of petrol out of thin air! just add 1.2 litres of petrol.
The important thing is that, if this is possible, they have found a way of manufacturing petrol - which is, in essence, just hydrocarbon. Electric cars need energy to make the electricity, there is always a cost. However, if naturally-formed oil becomes too expensive, or geo-politically restricted, it would be good to know that we have an alternative. Our society is based on oil, there's no getting away from it. Electricity won't cut the mustard for a long time, so maybe it's a way forward.
Updated: Reading through the website, the apparent reliance on wind farms and so forth makes me doubt the commercial viability.