Control over magnetic properties, and in particular over magnetic anisotropy, is key to storage devices for writing, reading and accessing data. In contrast to bulk materials, molecules offer opportunities for unprecedented high density, speed and efficiency. The electron spin of atoms generate a small magnetic field that can be controlled through external magnetic fields. However strong, locally applicable and rapidly switchable electric fields are the next technological frontier. Control enhancement will lead to smaller, more efficient and low-energy devices with numerous applications. The EU-funded ELECTRA project will develop a pioneering experimental technique to study spin-electric effects on both single cruystals and thin films. Combining theoretical and experimental approaches, the project will avail new insights into spin-electric effects for a rational molecular design.