First of all, no – the device doesn’t actually induce a plasma channel. It’s called the Plasma Cutter because it’s a replica of the tool/weapon of the same name used in the Dead Space games.
It does, however, emit five laser beams. It uses three 30-milliwatt green lasers for aiming, and two blue 1,500-milliwatt lasers for burning. While it might not do much to stop a marauding band of Necromorphs (the space zombies in the games), it does a fair job on wood or plastic, as can be seen in the video at the bottom of the page.
Priebe tells us that the Plasma Cutter is powered by one 18650 and three 14500 lithium-ion batteries. It weighs about 2 kilograms (4.4 lb), and took about 200 hours to build. As with most of his other creations, he’s not about to tell anyone how to build their own, but he will sell you one for the right price.
You can contact him via his website.