Apparently, the new project has to do with audio, not video.But since there is nothing official, it is all speculation.
https://forum.renoise.com/t/devs-on-what-you-are-currently-working-on-redux-update/47067
@FFX,Who told you that it is a video editor?
Possibly they are developing something like this, speculating:
Personally, I do not care about the new project. I wish Renoise would advance.Look outside. The Internet is full of new projects continuously.But there is only one DAW crawler that could be something much bigger, and now, it is abandoned.
Are you really interested in the new project?Is not it rather that you will want it to end so that they continue to advance with Renoise?That’s what I want, at least… --> 
watch the logo!