The European Processor Initiative (EPI) project is one of the cornerstones of the European Union’s strategic plan for future Exascale high-performance computing. The project is currently implemented under the first stage of the Framework Partnership Agreement (FPA) signed by the EPI Consortium with the European Commission with the objective of designing and implementing a roadmap for a new family of low-power European microprocessor technology for extreme-scale computing for high-performance, big-data, automotive, and other emerging application domains. The first phase – Strategic Grant Agreement 1 (SGA1), ends in November 2021. Following SGA1 the Consortium is setting up the next phase under the EuroHPC JU. The project will enable scientific leadership and industrial competitiveness in not just microprocessor technology, but also in the above-mentioned key application areas.