Bagasse is short fibers that absorb water and oil readily. Adding longer bamboo fibers seems to increase tolerance for both. The stuff that's out there now wouldn't hold near-boiling water for a minute much less 2 hours, which is their claim.
Probably good for making IKEA-type furniture even more cheaply.
[1] http://article.sapub.org/pdf/10.5923.j.ijme.20120204.04.pdf