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Sounds intriguing since it's based on Tesla's work.
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Whether or not something is based on Tesla's work shouldn't matter.
Science is about trying things were you don't know for sure whether they will work or don't work. It's not about authority through big names.
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Now the real question is why don't we run on these fuels. The truth is because the gasoline distributors won't distribute these alternate fuels. In most cities, you can buy filtered cooking grease and motor oil from a number of "semi-commercial" sources.
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Biofuels have a few problems with taking off farm land that can be used for growing food and there some argument to be made that it increase the food prize. The high food prize is at the moment one of the global issues that kills a lot of people.