That whole scenario is filled with holes. The 350 lbs. of pellets has to be recycled, and they admit that electricity is the only way to do it. So, they say that we'll use solar and wind to get the electricity. Whoopee. That'll produce about as much material as some small town in Arkansas needs. So, we're back to fossil fuels.
The other thing that always bothers me, is that they say we want to be cost effective to compete with $3.00/gal gasoline. Well, gasoline ISN'T "$3.00"/gal. Nobody figures in how much taxes there are on that $3.00/gal. Depending on what state you live in, it could run as much as about sixty cents/gal. Now what you really have to compete with is $2.40/gal. Let's face it, somehow the gubmint will tax this thing.
Oh, and by the way, adding 350 lbs to a car ain't chump change. Is has a real effect on MPG.