According to the press release, the rights are still owned by Funcom, they have just been licensed to Red Thread Games to "independently fund and produce the sequel to Dreamfall". Mr. Tørnquist revealed that $175,000 of the pre-production funding will come from the Norwegian Film Institute.
An interview of Ragnar Tørnquist by Eurogamer revealed that it will be a single player adventure for PC and Mac. It won't be point-and-click, it's going to be a 3D, direct controlled third person game. Dreamfall Chapters will also eventually head to Kickstarter for funding. According to Tørnquist, "We could go to investors, we could go to publishers, but that's going to tie our hands a quite a bit. If we're going to make the game we want and that everyone else wants, the only way to do that is to basically have the freedom we need, and Kickstarter is a lot about freedom." The grant money and the studio's own funding will be used to get the project going, so that the Kickstarter project will hold more weight.
"Dreamfall Chapters is going to be a reasonably large game, it's going to be a reasonably long game and it's going to be a polished game. It's going to be a game that reflects the brand and the universe."