Yup, that's right. It sounds as weird as Fat-free mayo but this one actually delivers what it promises. Apparently Reology investigators from the Universidad de Sevilla, have developped a new emulsified sauce, very similar to mayonnaise in texture, flavor and odor yet free of egg and stabilizing additives.
There is little information on the process of making this "mayo" itself, my guess is that it's mainly due to the fact that the University is applying for a patent on the technique and formula. They do say that the main ingredient is a highly-nutritional dairy product derived from the production of butter.
I'm thinking this might give us a new option for those watching out for their cholesterol levels. Unfortunately, it might end up facing the lactose intolerant market... Time will tell.
Original Note (In Spanish)