The 400‐MeV electron storage ring EUTERPE is a University project set up for studies of charged particle beam dynamics and applications of synchrotron radiation, and for the education of students in these fields. The ring has a relatively large circumference for the maximum beam energy contained, which is useful for accommodating insertion devices and diagnostic tools. The critical wavelength of the emitted photon spectrum is 8.3 nm for the regular dipole magnets and 1.2 nm corresponding to 1.03 keV for a 10‐T wiggler. This provides useful radiation, e.g., for x‐ray fluorescence up to 3.2 keV. An undulator with a periodicity distance of 2.5 cm is planned, to generate radiation of 40 nm. The major ring components are being constructed in the University workshop, including a 70‐MeV injector microtron. The main characteristics of the machine and the present status are reported. Future options include a bypass system for microdevices.