Yes.
It looks a bit like a perpetual motion machine to me, but I'd have to see it in English, with a bit more info. To make a motor work (and that's what it is) you'll end up with weight in the form of either heavy magnets or heavy batteries or both.
Edit. I see cycling weekly share my scepticism: "There is not attempt to explain the location of the magnets either, just that wire is in the wheel rim. If GCSE physics taught us anything, it is that electromagnetic induction requires magnets (the clue is in the name).
Perhaps this system requires an accomplice (Wile E Cayote) to sit at the top of Alpe D’Huez with a huge horseshoe shaped magnet pulling you up from the bottom."
btw the spelling in the above is CW's, not mine.