HiPower 5.0 is driven by the challenges and ambitions addressed in the Green Deal and in the Chips Act, to develop new power electronics solutions to ensure Green Deal targets and to foster a resilient and leading edge all-European Value Chain, for tomorrow’s mobility solutions. Therefore, HiPower 5.0 aims for developing highly integrated eDrive components for the automotive and maritime domain using leading edge wide bandgap semiconductors and power electronics integration technologies. This includes the development of new GaN wafer materials with superior performance, first time 850 V monolithically integrated bidirectional GaN switches, enabling new topologies and unprecedented efficiency levels of 99%, as well as 1200 V GaN switches fitting the needs of 800 V battery electric vehicles. When developing these solutions, a resource-efficient and reliable design is considered to minimize CO2 footprint and extent the lifetime of power electronics components. Firstly, multi-physics simulation with its ability to model the complex interactions between electrical, thermal, electro-magnetic, and mechanical phenomena will be used. By simulating these interactions, the system design can be optimized while performances can be predicted under various operating conditions, reducing the need for prototyping, and cutting both time and costs of development. Secondly, new ageing models and prognostics concepts will be developed to finally enable an according evaluation of the set targets of the single applications. Supported by innovations in power electronics control and cooling the lifetime and reliability will be further enhanced. To achieve these targets, the HiPower 5.0 consortium is composed along the whole value chain, starting from the GaN wafer and chips development, up to automotive and maritime Tier1/OEMs. This is accompanied by leading European universities and research organizations, guaranteeing a significant economic and scientific impact of the proposed work.