It is a turboprop (ish) - the 'groundbreaking innovation' they're testing is the hybrid electric/heat recovery architecture, which if it pans out could indeed be a huge advancement.

The novel engine design, which is known as SWITCH (Sustainable Water Injecting Turbofan Comprising Hybrid-Electrics), will look to demonstrate the hybrid-electric and heat-recovery turbofan technologies, with a bid to lower fuel consumption by 25%.