[bluehawk]

My understanding is that it's just talking about the pumps. 95% of the energy from the battery is turned into rotational energy by a motor in the pumps. This pushes the fuel into the reaction chamber of the rocket engine. Contrast this to a gas-generator cycle that uses some of the fuel/oxidizer to run the pumps. It's not perfect combustion (you don't want it to get too hot) turbines aren't perfectly efficient, etc. so you only get 50% of the energy out of the fuel that you use in the turbo pumps.

However, batteries are heavy. I'm hesitant to believe that electric pumps will scale well to larger rockets, but I would love to be proven wrong.