Lurking at this online definitio n, lipases are "water-soluble enzymes that catalyze the hydrolysis of ester bonds in water-insoluble lipid substrates." That is, like soap with greasy pots. Since it's an organic product the pollution that results from the process is much lower than with current methods and doesn't require alkaline hydroxides and strong acids. They also claim that the whole process saves water and energy because no methanol is needed, any alcohol can be used.
The project, labelled as "green chemistry" and sponsored by the Universidad de Córdoba, is waiting for some subventions to start production next year at a 6000 liters/day.