Supergiant Games announced their new project yesterday: Transistor. There's still only a small bit of info out there, but here's the general idea -
In Transistor, players are thrust into a futuristic world in the city of Cloudbank where they wield a mysterious weapon. This powerful tool comes into the possession of a young woman, Red, after being assaulted by a band of attackers who use it against her. To make matters worse, it appears the residents of the city are slowly disappearing.
Players will progress through the streets, fighting off assailants in an attempt to discover the weapon's origins and previous owners. The Transistor appears to be a large sword, capable of devastating attacks and defenses.
The game will be presented at PAX East at their booth, #892.
If you're interested, head on over to the new wiki and check out the screenshots and trailer. Once more information is released, feel free to edit as well if the mood strikes!