ETH zurich is not inventing new reaction, google "reducing iron oxide by hydrogen". it is well known and already used technology. nothing new about this reaction, way they use it is new. all your concerns are answered in next article :
another university - university of eindhoven is using same reaction but totally different way - they just burn iron oxide in air ...
https://www.youtube.com/watch?v=Qm0sIN-KhUo
same thing same people -
https://newatlas.com/energy/bavarian-brewery-carbon-free-ren...
it is just totally primitive way and THAT is actually benefit. because it can be deployed fast and wide.
people seems to not understand how big of a energy demand is for hot water. and this can make hot water from renewable sources a reality.
in most houses hot water need is roughly 50% of energy need. in low carbon houses / LEED / BREAM /Passive house / or what EU regulations already require, is energy need for hot water multiples of all other energy needs of household, because with better houses, youre lowering energy required for heating, cooling, but hot water stays same amount but bugger percentage.
planetary - with better buildings, we can lower house heating by 70-80 % no price problem, hassle free, that means we need less electricity generation for houses. + adding hydrogen generation / iron oxide reduction into mix we can just burn it and make hot water and electricity in winter from spring, summer, autumn sun.... in spring,summer,autumn you use PV for hot water + hydrogen to store for winter. booom 95+% of household consumption is gone from grid. household energy need is how much of total planetary energy need ? 20 or 40 % ? no one cares.
you do not need to transport anything if you think about this as for seasonal storage. but you can transport raw iron like university of eidhoven is proposing if your mission is to provide heat but reduce iron oxide close to renewable generation. your tansporting iron (Fe), NOT iron oxide(FeO,FeO2,FeO3)...