Square Enix has announced Fear Effect Reinvented, a remake of the original Fear Effect game. It's due out in 2018 for PC, Nintendo Switch, PlayStation 4 and Xbox One.
Reinvented is in development at French studio Sushee, which is currently working on Fear Effect Sedna, a brand new Fear Effect game that was successfully crowdfunded in 2016.
Fear Effect came out on PSX back in 2000 and became a cult classic for its cel-shaded graphics and gritty story.
As for the remake, we don't have much to go on save for the teaser trailer and word that Reinvented has improved graphics and controls. There's more on how the project came to be over at Eurogamer sister site GamesIndustry.biz.