ELENA is set to transform the Photonic Integrated Circuit (PIC) industry with its innovative European LNOI platform. It aims to create the world's first open-access foundry for LNOI technology, providing advanced electro-optic and nonlinear capabilities. The project encompasses the entire supply chain, from producing 150 mm optical-grade LNOI wafers to high-yield foundry fabrication, PDK-based design software, and robust PIC packaging. This cost-effective open-access foundry, featuring a PDK library, will validate the technology through various prototypes for telecommunications, quantum technologies, and microwave photonics. The LNOI platform promises superior functionalities over a broad wavelength range, including high-speed electro-optic modulators, low-voltage switches, tuneable resonators, lasers, and on-chip nonlinear wavelength conversion, benefiting fields such as quantum technology, telecommunications, LiDAR, and sensing.