This magnesium hydride technology certainly does not solve the hydrogen storage problem in the sense of being better than using hydrocarbons for energy storage, as the living beings have been doing for billions of years.
For many applications, using magnesium hydride should be much better than using compressed or liquefied hydrogen, but it remains far worse than gasoline despite the misleading statement from the article "POWERPASTE offers a range comparable to – or even greater than – gasoline".
This statement is false. Magnesium has twice the atomic weight of carbon and the hydrogen from magnesium dihydride provides only 2 electrons per magnesium atom, instead of 6 electrons per carbon atom, as in gasoline.
Because of that, a fuel cell using hydrocarbons (those exist, but the current prototypes do not have an acceptable lifetime) would have a 6-times higher energy capacity per fuel weight.
While the energy per weight of magnesium dihydride is very poor, the energy per volume is more decent, because gasoline has low density.
Nevertheless MgH2 has only twice the density of gasoline, which means that the hydrogen content per volume is about the same as for gasoline. Because when used in a fuel cell gasoline would provide 3 times more current per volume, magnesium hydride remains uncompetitive regardless how the storage cost is computed.
Pure dihydrogen would provide a voltage around 20% higher than hydrocarbons in a fuel cell. That is much too little to make a difference compared to factors of 6 and 3 in current per weight and current per volume.
Instead of wasting time and money to search for impossible ways of storing hydrogen, the energy research should be directed to improving the (already existing) technologies for making hydrocarbons from carbon dioxide and for making hydrocarbon-using fuel cells with better characteristics.