I stand corrected on the fuel detail.
What’s important is that it’s main petro-motor -> electric generator -> electric motors (fans), like a Prius or, for that matter, many locomotives. Not the way airplanes are usually made.
There have been some real improvements in lightweight electric motors, I understand. With microprocessors and rotating wings and canards, electric power may work well.
Surprise, surprise.
The artist’s concept is all messed up. The small canards are on the front of the vehicle. The fans on the wings are said to be 31 inches in diameter; that would give a wing-span of about 60 feet. They are hoping for a max airspeed of 300 kts or more.
$89.5 million has been awarded to build two prototypes to be tested in 2018.
https://en.wikipedia.org/wiki/VTOL_X-Plane