They're calling it "ERS" or something like that (just 'Energy Recovery System' rather than the full KERS acronym).
All of the teams are using it and it's in addition to the now traditional KERS systems. It will be automatic rather than activated by the driver.
Systems like this can (and should) be adapted for road cars relatively soon, tho packaging is going to be tricky since they're so large as compared to a normal turbo.
I expect to see at least some road models appearing with this tech within the next decade, at least.
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