From what I understand its a Nickel alloy that has good magnetic properties which can replace rare earth alloys for magnets that renewable technology is heavily reliant on. At face value yes this would be pretty big, but in terms of actual real world practicality on replacing rare earth magnets I really couldn't tell you. Most science articles tend to oversell scientific breakthroughs in my experience, science is slow and incremental, if it's a real breakthrough the technology tends to catch fire fairly quickly before any articles are written on it