The European cooperation project Power2Power has started. Over the coming three years, 43 partners from eight countries will research and develop power semiconductors with more power density and energy efficiency. Power semiconductors are needed in all stages of energy conversion: generation, transmission, and use. More efficient semiconductors make a major contribution towards reducing carbon dioxide emissions in spite of the world's growing energy needs. Universities, research institutes, small and medium-sized companies and international corporations are involved in this cooperation. Infineon Technologies Dresden GmbH & Co. KG is coordinating this project.