Looks a bit far fetched to me

http://www.electronicturbosystems.com/index1.htm

Seems like it's basically pulling in loads of air and then forcing it through it's filter into the engine?

Might work on that basis but why pull hot air from the engine bay, that seems a rather silly plan imho.

I'd probably go for something which definitely works instead, heheee - like you say, it seems a little far fetched

Afterthought - seems also they have no reports, demo or stage 2/3 yet.