The Vent emits a smoke effect when turned on and also a distortion effect that simulates heated air. However it does not actually heat up the surrounding, different from nearly all objects with open flames.
These decorative Vents can be fully rotated by pressing and holding r (as the default key) and moving the mouse while holding the left mouse button.
The Industrial Vent is part of the Industrial Super Bundle that was launched during update R44 in June 2017, and can only be crafted (default crafting key is Q) after buying the Super Bundle in the Store.
To craft 4 Industrial Vents, you will need (as of June 2017)
Industrial Vents can be wired up with activation devices like Switches, Number Pads, Sensors or Pressure Plates. They will then serve as receivers and can either be switched on or off, in order to either emit smoke or not. Their interactivity can be toggled and defined with permission settings