Developer of the latter, paying homage (very obviously) to the former.
For those of you who aren't aware, Herzog Zwei - while not actually a shmup, definitely had some very shmuppetish elements to it, and it was developed by the same team who made all those Thunder Force games. And if you've never played, it, well, I'll leave it to those in the know to tell you why you should

Anyway, this new game looks cool, and might I say it's about damned time.