The Project SPES (study and production of exotic nuclei) aims at the full design of a facility based on a 100 MeV, 1-30 mA CW proton Linac used for production of fission fragments from a uranium like-target by means of a neutron converter. Neutron rich ion species are extracted, selected, further ionized at high charge state, isotopically purified and then accelerated through a superconducting Linac at energies up to 20 MeV/A. SPES represents INFN's effort in view of the construction of the European next generation ISOL-type facility, which is expected to be operative by 2010. A conceptual design report of such a European facility is being prepared with the support of the European Commission. R&D activities, covering the most critical parts of the facility, have been partially started in the last two years, triggered by the French-Italian feasibility study of an accelerator driven system for waste transmutation.