The objective of DEEP-PPU project is to develop and introduce to the market a disruptive Power Processing Unit (PPU) for Electrical Propulsion Gridded Ion Thrusters. This solution will stand out with its outstanding 40% mass and 35% volume reduction compared to the existing solutions on the market, while reducing the cost of the unit by a factor of two. The DEEP PPU project will strengthen the EU's space sector competitiveness in the international market, while securing the autonomy of supply for critical technologies and equipment. The target PPU will be achieved through the use ground-breaking technologies in space, namely Gallium Nitride semiconductors and Commercial Off-The-Shelf components, together with the implementation of custom design of power magnetics, the integration of the Radio Frequency Generation module and the synergies with previous developments in the frame of GIESEPP (Gridded Ion Engine Standardised Electric Propulsion Platforms). A multidisciplinary team of entities across Europe has been set, providing the right background and expertise to perform the required activities. The proposed PPU product fits the HORIZON-CL4-2022-SPACE-01-12 topic (Technologies and generic building blocks for Electrical Propulsion), specifically addressing the second area of this topic “R&I on electrical power architecture and related components (Power Processing Unit, direct drive, etc.)”.