PRECISE focuses on the research and development of a MEMS-based monopropellant micro chemical propulsion system for highly accurate attitude control of satellites. The availability of such propulsion systems forms the basis for defining new mission concepts such as formation flying and rendezvous manoeuvres. These concepts require propulsion systems for precise attitude and orbit control manoeuvrability. Application-oriented aspects are addressed by two end-users who are planning a formation flying mission for which the propulsion system is crucial. Basic research is conducted aiming at improving crucial MEMS technologies required for the propulsion system. Research and development also focuses on the efficiency and reliability of critical system components. System analysis tools are enhanced to complement the development stages. Finally, the propulsion system will be tested in a simulated space vacuum environment. These experiments will deliver data for the validation of the numerical models.