The Flect project is an attempt to implement a pragmatic, functional systems programming language as a real world alternative to C and C++ in both freestanding and hosted programming environments.
The project was created for a variety of reasons described on the introduction page. This page also describes the language at a high level and the features intended in the long run.
The language specification can be found here.
Note that Flect is very much a work in progress and is by no means ready for actual use.