It apparently consists of a traffic wearing surface that sits five centimeters above street or sidewalk level. Passing traffic squeezes a bellows, compressing air into a tank (the linked article says "...where it is compressed..." but I don't imagine that that's accurate) from which it is expanded into a turbine to generate electricity.
Think about it. Your engine (either that of your vehicle or of your metabolism) is squeezing air into a tank. This work will reduce your gas mileage (or use your food energy) as your vehicle or your feet do the work of compression. There is no free lunch here. I'm surprised to see it in Science Daily which, although it is sometimes prone to exaggeration, usually doesn't publish nonsense.
There are no figures given, either in the Science Daily article or the articles linked from there, so I don't know what kind of traffic would be claimed to generate what kind of power. But I do know that, whatever the amount generated, it would be more efficient to burn natural gas in a turbine. Both vehicular internal combustion engines and human metabolisms are inefficient and compressing air is a lossy process. I'd love to see figures for this but it's yet another candidate for my prospective Greenwashing Hall of Fame. Yes, I know that the term "greenwashing" is typically applied to deceptive ad campaigns but I think it's equally applicable to deceptive products.
Update: In thinking about it, I suppose that one could concoct a scenario wherein a developing country with few energy resources would rather have the "rich" who own cars spend some of their energy (i.e., gasoline or diesel) purchase on providing energy for township than purchase natural gas, oil, or coal and then charge the poor residents for the electricity or pay for the fuel with taxes. But even there, better a gasoline tax with the proceeds used to pay for more efficient energy generation.
Update: In thinking about it, I suppose that one could concoct a scenario wherein a developing country with few energy resources would rather have the "rich" who own cars spend some of their energy (i.e., gasoline or diesel) purchase on providing energy for township than purchase natural gas, oil, or coal and then charge the poor residents for the electricity or pay for the fuel with taxes. But even there, better a gasoline tax with the proceeds used to pay for more efficient energy generation.