"Elex is a handcrafted action role-playing experience from the award-winning creators of the Gothic series, set in a brand new post-apocalyptic science fantasy universe that puts players into a huge, seamless game world full of original characters, mutated creatures, deep moral choices and powerful action," the press release states.
That's really all there is to go on at this point, although Piranha Bytes Game Director Bjorn Pankratz said Elex will be a "completely new game experience with a fresh setting, new assets and plenty of possibilities." I'm assuming those differences will be in contrast to the studio's previous series, both of which were relatively conventional fantasy action-RPGs.
Piranha Bytes isn't BioWare or Bethesda, but it's been making RPGs for close to 15 years and has created some interesting stuff, so I'm really looking forward to finding out what it's got in mind for "science fantasy." We could be waiting awhile for that, though—Elex isn't expected to be out until late 2016 or early 2017. In the meantime, you can follow along at Elexgame.com.