It was anecdotal, but I met someone who worked with folks who worked there, there's a lot of smoke and mirrors and they don't really have what they say they have. Unfortunate as it looked really promising.
The former. They're working to eliminate the need for an energy intensive distillation process and they haven't been able to get it to do what they've promised. They say they have a carbon nano-tube filter that can separate water and ethanol but no one's seen it work at high efficiency.