Our electric grid faces a variety of challenges, including aging infrastructure, an increased frequency of severe weather events, and emerging cyber and physical threats —ultimately resulting in power disruptions that cost the U.S. over $150 billion each year. These power disruptions produce major health and economic impacts for Americans, who experienced an average of seven hours in disruptions in 2021 alone. Along with the need to update our aging energy infrastructure, the demand for electricity is rapidly increasing as the U.S. strives to achieve Net Zero Emissions (NZE) by 2050. In order to achieve decarbonization goals, electrification of everything from transportation to industrial processes to urban infrastructure is needed, meaning that our power systems must grow 60% by 2030 and more than three-fold by 2050 to keep up with the demand. The ULTRAFAST program seeks to provide power electronics technology innovations that will enable a more secure and reliable grid, while also allowing it to meet higher demands for electricity in pursuit of decarbonization goals.