In this note, we describe the upgrade effort to convert the SIAM Photon source into an Xray synchrotron radiation facility with photon energies up to some 15 keV. This conversion of SIAM Photon into a third generation light source can be achieved through an increase of the electron beam energy and the addition of recently available superconducting wavelength shifter and multipole wiggler magnets. A gradual retrofit of vacuum chambers aiming at a reduction of electron beam instabilities as well as a modification of the focusing structure are expected to greatly increase the brightness of the photon beam. These upgrades will be implemented gradually over a few years to minimize the interruption of ongoing experimental activities. As an ultimate upgrade, a study has been started which shows the feasibility to implement a 2 GeV storage ring replacing the present ring in the same foot print. This new ring is configured to provide double the number of insertion device photon beam lines.