It is a nice idea, but I do have a couple of questions about it:
1: It needs some type of interlock mechanism so a glancing blow from a tree won't cause the handlebar to get knocked out of position and collapse. This interlock mechanism has to be tried and true. Handlebars get a surprising amount of stress, and sometimes exotic mechanisms are not made to deal with this.
2: The locking mechanism is interesting, but it provides no more protection than the Axa Basta frame-locks which lock a wheel in place. Of course, it will keep someone from riding off on it, but a thief in the US will just lift the bike up and chuck it in the back of a car or truck if its not secured to something immobile. The prototype used a round key lock, which most of them have been rendered obsolete by Bic Pen attacks. Instead, it needs a more modern lock cylinder. The usual Abloy variant lock would do fine, or perhaps an Evva 3KS/3KS+ cylinder.