Google has announced that it is shutting down its solar powered internet initiative Titan. The project was started in 2014 with the acquisition of Titan Aerospace, a startup that specializes in high-altitude drones. The main aim of the project was to provide internet access to far-flung areas.

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While the closure of the project was announced earlier this week, it is believed that the work on the mission was stopped almost a year ago. With the demise of Project Titan, the future of X, an in-house incubator for innovative ideas, stands to gain.

In an interview with Business Insider, an X spokesperson said that the company has not abandoned the idea of high-altitude internet. A statement released said that at the current stage, Project Loon offers better technical and economical prospects than Titan.

"Many people from the Titan team are now using their expertise as part of other high flying projects at X, including Loon and Project Wing," Google added.  Under the leadership of CFO Ruth Porat, Google has tightened the noose around its various projects, forcing them to adhere to strict financial requirements.

Google was competing with Facebook, which is currently carrying out its Aquila project. Both the companies had vied with for the acquisition of Titan Aerospace.

However, even Facebook's project has run into several roadblocks. The company's drone suffered a crash during its test flight in June last year. Like Google, Facebook is also looking to connect rural and remote regions to the internet.

Google's Project Loon is also concerned with internet connectivity. This project deals with emitting internet signals using balloons. The company also plans to remain involved with drones as its Project Wing is exploring the use of drones for delivering goods.

The company is divesting into various other ambitious projects. It is believed that Alphabet is looking to sell its robot-making division Boston Dynamics.