IBM has unveiled its new POWER6 microprocessor, which it claims is the world’s fastest chip (at 4.7 gigahertz), boasting twice the clock speed of the previous generation while consuming roughly the same amount of power.

The new IBM chip operates at some 300 gigabytes per second. IBM has also quadrupled the amount of on-chip memory, or cache, to eight megabytes. The chip is designed for higher-end servers running the Unix operating system.

The new product is the first to fit in with IBM’s announcement last week that it will redirect $1 billion per year across its businesses to increase energy efficiency in information technology under a program called “Project Big Green.” The plan includes new products and services to reduce corporate data center energy consumption.