Sony’s PlayStation 3 is a gaming giant — figuratively and literally. Figuratively, its graphics are amazing and it has been praised as the best Blu-ray player you can buy. Literally, the 80GB system weighs more than 11 pounds and sucks five times as much energy as a fridge when running, according to a 2008 study. The just-announced PS3 Slim kicks those beastly qualities to the curb.

Today at the Gamescom Expo in Germany, Sony Computer Entertainment CEO Kaz Hirai officially unveiled the Slim. Priced at $300, the 120GB system drops 36 percent of the prior model’s weight (about 4 pounds) and 33 percent of its behemoth footprint. Hirai also claims that the Slim will use 34 percent less power than its older sibling – which could hopefully help the system feel a bit less like a space heater or griddle.

Sony PlayStation 3 Slim Comparison

The new PS3 will be available September 1.