So, this process uses Erbium an element I had never heard of until now. How similar is this to Palladium?
Google-fu check: success, Erbium is a Lanthanide, Palladium is a Transition metal. Both have similar electron structures ([Xe]6s24f) vrs. [Kr]4d) if I am reading this right, the outer shell has four electrons
Well, Pd is commonly in 0 or +2 oxidation state, as part of the "platinum group," while Eb is a lanthanide (rare earth) metal, oxidation ranging from 0 to +3, with +3 being most common. So, rather different chemistry.