Prof. Thomas Schulthess presented the HP2C initiative at the First Workshop of the Hybrid Multicore Consortium in San Francisco (January, January 20, 2010).
As stated in the presentation, the overarching goal of HP2C is to:
Prepare computational sciences to make effective use of next generation supercomputers
And the specific goal is to:
Emerge with several high-impact scientific applications that scale and run efficiently on leadership computing platforms in 2012/13 timeframe