They make all kinds of claims that don't stand up to over 100 years of history running trains. The claim they are innovative, but there is nothing new here, and no evidence they have looked at the real problems of transit systems. Someone is going to make a lot of money on this at the expense of the community that loses.
Trains have been around for a long time. You can buy all the parts you need for a good system off the shelf. You won't be saving money by designing something new, you just waste money on engineers to design something and then lose the scale factors you could get from buying the same thing as everyone else. If you buy the same thing as everyone else that means there will be a market for spare parts and thus in 20 years when (not if!) something breaks you can keep the system running.
Yes overhead wires are expensive - but they are a rounding error compared to track. Batteries are expensive too, and you have to buy a lot of them. Batteries need to be recharged which means these trams will be out of service often so they have to buy a lot more so that when one is out of service for charging the others can work. (you still need a few extra for maintenance, but battery charging is more common so you need a lot more)
If you want to build a train the best way to save money is to build exactly the same as everyone else does: standard off the shelf trains, running on standard off the shelf rails, and standard off the shelf overhead rail. If you want to innovate make sure that everyone is fluent in Spanish, Turkish, Korean, or Italian - because places where those languages are spoke build and run trains much cheaper than other places you can think of so you want to learn from them. (note that French or Japanese are not on the above list - while those areas do cheaper than English speakers, they are still expensive)
I'm not sure about the UK, but in the US most of the cost blowout for trains seems to be in stations, so focus all your innovation there: don't make them monuments to how much money you can spend. (The UK has cost problems almost as bad as the US, but I'm not aware of any study on where the issues come from, while at least in the US there are studies).