I was under the impression that the issue of translating LED light into a broad swath of color was an already solved problem (except for some fine-tuning optimization), using appropriately-sized nanoparticles which hand the energy from the photons around, slicing-and-recombining energy from photons into different sized packets and re-emitting the light at a frequency characteristic of the size of the nanoparticle. Cover the LED with a bunch of these in a range of sizes and you get a smooth spectrum.
Works the other way, too: Coat a solar cell with such particles and they take the random-frequency photons from the sun and slice them up into multiple new photons at a frequency good for the solar cell bandgap, and mash the levtovers into more big photons to re-slice to the correct size. (It's not 100%, since some of the photons get away. But it's more than a 2x improvement over a bare cell, which only takes one slice off each photon and throws the rest away.)
If this is correct, this project looks like just a fine-tuning of making the nanoparticles, or finding materials for them that are somewhat more efficient than what was already being used (which was pretty good).
I haven't been following this all THAT closely. Have I misunderstood the current stuff? Or is this just a little incremental tweak along the cutting edge?