The black hole generator is used for creating the Stable Black Hole. But it doesn't work just yet. It does have a model, but it was modeled in blender and just hasn't been implemented yet. It will run on the zimphnode power and use Dark Matter to generate a stable black hole, but that will be added in later.
With this the hole progress is always at 100%, even if you turn the black hole generator off. So, you don't have to wait for the hole progress to count back up to 100% when you turn it off.