It's very hard to beat liquid hydrocarbons as a portable energy source. 16% efficiency is fantastic when you take the form factor into account. Add in the fact that our established infrastructure already can consume, process, convert, and transport this stuff, and you have a winner.
Remember, portability brings a whole raft of additional requirements and challenges.
Cheap gasoline limited only by area (not even land area, since presumably you could produce this in sea water) and sunlight? Sounds too good to be true. Anyone have a corroborating source other than the globe and mail?
PS: Not that I think it's accurate; 16% efficiency is not bad for a solar cell, suggesting you can get a bio fuel plant close to that is a hard sell IMO.
Except that your range is going to be a whole lot better and the maintenance costs for your storage device are a whole lot smaller.