There is a pressing need to ensure the seamless operation of reliable power converters, prompting a concerted effort to explore new converter topologies, innovative control techniques, and advanced semiconductor materials like wide bandgap and ultra-wide bandgap technologies. To address this challenge, FLAGCHIP will pivot around three pillars of innovation: 1) Power Modules, including innovations at device and package level; 2) Condition and Health Monitoring of such Power Electronics and 3) Cost Efficiency of the proposed solution and the system as a whole. These three pillars will group a total of 13 main innovations that will be developed and tested during the project. In that sense, some of these innovations include strategies for the prediction and prevention of equipment failures minimizing downtime and facilitating cost stress steering and maintenance routines. Also. FLAGCHIP will enhance the efficiency of Power Electronics components, facilitating the creation of a new generation of inverters, converters, and other power equipment for the energy sector. Additionally, the project will reduce space occupancy, with a primary focus on offshore applications, while improving the cost efficiency of power devices and semiconductor fabrication processes. FLAGCHIP's approaches will be demonstrated within the project’s partners research infrastructures, including AC/DC and DC/DC applications at two strategically chosen pilot sites in France (DC/DC MVDC Converter) and Norway (AC/DC Offshore Wind Turbine and Substation Converter architecture ). To achieve that, FLAGCHIP will rely on a competitive consortium formed by 10 partners, from 7 different states, with a strong research group and leading industrial companies on the sector (2 RTOs, 3 Universities, 3 Large Companies and 2 SMEs) that will deliver 13 Key exploitable results by the end of the project.