The type of device is called a high beta fusion reactor, and it uses deuterium-tritium fuel — a fuel with approximately a million times the energy-density of oil. Deuterium is a mildly radioactive and common isotope of hydrogen, while tritium is a highly-radioactive and rare isotope of hydrogen which must be manufactured (but can be done so relatively easily in the relatively small quantities required for nuclear fuel). This is the easiest and lowest energy hot-fusion reaction.
This is really-monumental good news.
First of all, this is Lockheed Martin backing the project. They would not have publicly announced this if they did not have a proof-of-concept, and they have the resources to see this through. If you read the article, you will see that they are thinking of specific military and commercial applications, and ones likely to find significant financial backing.
Secondly, the time frame is that they will have a prototype operational within a year and practical reactors in service in about ten years. This means that we’re now within about a decade of beginning the conversion from a petrochemical to a nuclear fusion based power generation system — the first such reactors should be coming into service in around 25 years.
Thirdly… go read the rest, and check his links.