The PyPy project will build a portable, fast, flexible, context-aware programming platform supporting Very-High Level Languages (VHLL) to yield significant productivity gains in software development. PyPy's flexible, modular runtime system will be well-suited for networked, embedded, and mobile devices. VHLLs' high semantic level can help extend context-awareness, beyond the basics (time, location, identity), to a wider variety of context information and actions. However, VHLLs can often produce slow or large application and supporting code, hampering their use for small devices. We will solve this problem via the innovative concept of ObjectSpaces, high-level formulations of language interpreter components. Explicit, clear separation of parts yields modularity and flexibility. ObjectSpaces are themselves coded in a VHLL and can be specialised for execution speed, memory consumption, or other parameters. PyPy will use and target the widely-used Open Source programming language Python, first developed in 1990 at CWI (Centrum voor Wiskunde en Informatica) in the Netherlands. By producing the new reference version of the language, we will have a large impact on the estimated 175,000 Python programmers worldwide. Emphasizing simplicity and readability, Python has wider appeal among non-programmers, and particularly among women, than languages perceived as needing extensive mathematical training and ability. An improved Python can thus help somewhat in promoting social cohesion and gender equality. PyPy will leverage known European strengths in formal methods and languages, operating by a novel Agile Software Development methodology for distributed development, including short, high-productivity meetings known as "Sprints". Systematic efforts to spread the knowledge produced by the project among academics, SMEs, industry, and other interested parties, will ensure the project's results and achievements are fully exploited.