They will be pursuing multiple titles with the first expected in 2012 powered by Unreal Engine 3 as they've work with the tech "for the last six years," and they know its secrets.
They go as far to describe the licensing of Unreal Engine 3 as the "textbook definition of a no-brainer." The new studio will be questing in "uncharted waters," and Epic's engine provides them stability.
"We’re truly impressed with what high-quality games small, independent teams are creating using the Unreal Engine,” said Mike Gamble of Epic Games. “The best is yet to come, and there’s a good chance that The Astronauts will be one of those teams that makes us say ‘Wow.’”
The Astronauts want to "create high-quality game experiences focused on imaginative visuals and rich story-telling,” and their pedigree includes Bulletstorm and Painkiller. Here's hoping they make us want to part with our money. At present People Can Fly is aiding Epic with development on Gears of War: Judgement.