They're not talking about carbon offsets for the linked article, they're literally talking about using captured carbon to make fuel.
Remember "Don't Let the Perfect Be the Enemy of the Good"
They just pass the air through water. A part of the CO2 from air will dissolve in water, up to its solubility limit.
The water with dissolved CO2 is then used in their electrolytic cells, which produce ethanol (dissolved in water). Presumably the water depleted in CO2 is reused to dissolve again CO2 from the air. (Some of the initial water is also converted into ethanol, so some fresh water must be added to the recirculated water.)
So they claim that they achieve in a sufficiently cheap way both the capture of CO2 from air and its conversion to fuel.
The OP explains that the main reason why they aren't delivering fuel is because they can't perform the carbon-dioxide separation cheaply enough. So, they have a plan to deliver cheap captured-carbon fuels, once they solve the issue that has consistently eluded companies seeking to produce captured carbon fuels. If they manage to solve it, great that's an awesome invention. But until that actually gets solved, they're one of many synthetic fuel companies that are blocked on the problem of carbon capture.
No one is 'blocked' by carbon capture. There is ample 'low hanging fruit' CO2 emissions from e.g. breweries that are clean and don't require significant separation or cleanup. Also most if not all commercially sold CO2[0] for sale is a byproduct of other industrial processes[1], so its utilization in a synfuel would be carbon-neutral.
Even at a realistic cost of $1000/tonne air captured CO2 that is "only" approx $10/gallon of gas surcharge (9kg CO2 per gallon gas). Call it a hunch but I would imagine that there are enough wealthy and climate conscious Californians that'd buy 20-25$/gal carbon-captured gasoline judging by the number of Toyota Mirai's I see around.
[0]nominally 50-100$/tonne
[1]Haber-Bosch, for instance, will continue to emit fairly clean CO2 as a byproduct fertilizer production for the foreseeable future (until green electricity becomes cheaper than natural gas by Btu).
Hyperloop made no sense whatsoever, from day one.
Probably they are putting seed funding into a bunch of different start-ups, and will invest more as they see further evidence of viability. That is a much more productive activity than carping ignorantly from the sidelines.
Most startups flop for reasons unrelated to their technology underpinnings. E.g., incompetent website implementation.
This is exactly what I'm saying: they're testing to see if this technology is viable, because we don't know if it's viable.
If not this one, one or six among the other dozens. It's trivial electrochemistry, so the problems to be overcome are of manufacturing, which just needs money. And, we know hydrogen and ammonia synthesis work at scale; this is extra.