Sorry...it's crap.

His example mentions the difference between holding a weight with a permanent magnet vs. an electromagnet, but simply holding something off the ground is not performing "work" in the true physics sense of it.

A car held twenty feet off the ground by a helicopter is not the same thing as a car parked twenty feet off the ground in a parking ramp either.

Pulling a beam off the ground over a distance with a permanent magnet would be performing "work," and theoretically you could tie a rope to that beam and turn a generator. For a second. Now, how do you repeat the process? You have to pull the beam loose from the magnet again, and there goes your gain.

In the same way, you could attach a windmill generator to a weight and drop it off a building, and generate "free" electricity. But then you have to carry it back up again.

The easy answer is if any of these schemes actually worked, the guy would already be so frigging rich that Bill Gates would be shining his shoes. Even a device that could generate about eight volts of "free" energy would sell millions.