The aims of the New SUBARU project are to promote industrial applications in the VUV and soft X-ray region and to develop research and development towards new light sources. The main facility of the New SUBARU project is the 1.5 GeV electron storage ring which is under construction at the SPring-8 site in Harima Science Garden City, Japan. The storage ring is quasi-isochronous and has variable momentum dispersion for the deep study of beam dynamics in very short bunches.