Developer and publisher 11 bit studios has announced Frostpunk: 1886, a remake of the original Frostpunk in Unreal Engine 5 (and, despite what the title suggests, nothing to do with The Order: 1886).
In an announcement post on Steam, 11 bit says the aim with Frostpunk: 1886 is to "recreate the experience of the original game in [Unreal Engine 5]", and that the project is part of an effort to "further expand upon Frostpunk" away from the original game's now-defunct Liquid Engine.
This is almost certainly the new Frostpunk game to which 11 bit referred in its most recent financial summary; the studio already confirmed a 2027 release for that project, so unless there's another one in the works for the same year, it's most probably Frostpunk: 1886.
According to 11 bit, Frostpunk: 1886 will feature "improved visuals, higher resolution, and all the other possibilities Unreal has to offer", serving as a "great introduction to the world of Frostpunk" but also the perfect game for "die-hard fans".
However, the project won't just be a rebuilt version of Frostpunk. Instead, it'll feature "tons of new content, new mechanics, new events, technologies, and buildings", as well as a totally new path, Purpose, to go alongside Faith and Order.
In addition, Frostpunk: 1886 will support expansion via DLC in future, as well as official modding support, which is something that's available for the second Frostpunk but not for the first due to engine limitations.
You can check out the very brief teaser trailer for Frostpunk: 1886 below. It doesn't give very much away, and it's really more of a mood piece than a full trailer, but hey, it might help you to get excited for the game.
Frostpunk: 1886 is due to land on PC via Steam sometime in 2027. No console release has been announced yet.
