Any details on what the energy density is of this "liquid sponge" they're using?
If it isn't corrosive or difficult to store then it may be an option for large, stationary batteries, but it would be a really big deal if it's energy density is even comparable to ethanol. Pure ethanol is 76,330 Btu/gal and gasoline is 116,090 Btu/gal: http://www.afdc.energy.gov/fuels/fuel_comparison_chart.pdf
The university press release talks about replacing fossil fuels in fertilizer production, from that I would guess they aren't pushing it as a storage solution.
If it isn't corrosive or difficult to store then it may be an option for large, stationary batteries, but it would be a really big deal if it's energy density is even comparable to ethanol. Pure ethanol is 76,330 Btu/gal and gasoline is 116,090 Btu/gal: http://www.afdc.energy.gov/fuels/fuel_comparison_chart.pdf