NANOSPIN is a Europeen commision projected bringing together 8 academic and industrial partners with a strong background in spintronic materials and devices, and comming from 6 Europeen member countries. The project aims at the development of novel multifunctional spintronic nanoscale devices whose mode of operation is designed to take optimum advantage of the specific magneto electric properties of ferromagnetic semiconductors. The devices combine non-volatility, low current consumption, high switching speed and excellent scalability.