The Raspberry Pi Compute Module is getting a big upgrade, with the same processor used in the recently released Raspberry Pi 3.

The Compute Module, which is intended for industrial applications, was first released in April 2014 with the same CPU as the first-generation Raspberry Pi. The upgrade announced today has 1GB of RAM and a Broadcom BCM2837 processor that can run at up to 1.2GHz. "This means it provides twice the RAM and roughly ten times the CPU performance of the original Compute Module," the Raspberry Pi Foundation announcement said.

This is the second major version of the Compute Module, but it's being called the "Compute Module 3" to match the last flagship Pi's version number.

While the flagship Raspberry Pi can serve as a general-purpose computer and power many hobbyist projects, the Compute Module's stripped-down form factor makes it more suitable for embedded computing, as it fits into a standard SODIMM connector. The latest version is being used by NEC in displays intended for digital signs, streaming, and presentations. The new Compute Module can run Windows IoT Core and supports Linux.

The new Compute Module has more flexible storage options than the original. "One issue with the [Compute Module 1] was the fixed 4GB of eMMC flash storage," the announcement said. But some users wanted to add their own flash storage. "To solve this, two versions of the [Compute Module 3] are being released: one with 4GB eMMC on-board and a ‘Lite’ model which requires the user to add their own SD card socket or eMMC flash."

The core module is tiny so that it can fit into other hardware, but for development purposes there is a separate I/O board with GPIO, USB and MicroUSB, CSI and DSI ports for camera and display boards, HDMI, and MicroSD.

The Compute Module 3 and the lite version cost $30 and $25 (£27 and £22), respectively. Availability seems to be limited, as the standalone Compute Module was out of stock at Element14 today, but the lite module and a $200 development kit including both boards and the separate I/O board were available. The I/O board is also being sold separately by RS Components for £96 (about $116).

In most cases, the new Compute Module can replace the original in embedded projects because the form factor is nearly identical. "With a few caveats, the CM3 can be used a drop-in replacement for the CM1 since they are pin compatible; the CM3 is 1mm taller, however, while the CPU can pull a lot more current from the VBAT power supply line and will generate far more heat under heavy load," the announcement said.