Google announced the project on their blog:
So why are we launching Google Chrome? Because we believe we can add value for users and, at the same time, help drive innovation on the web.
All of us at Google spend much of our time working inside a browser. We search, chat, email and collaborate in a browser. And in our spare time, we shop, bank, read news and keep in touch with friends — all using a browser. Because we spend so much time online, we began seriously thinking about what kind of browser could exist if we started from scratch and built on the best elements out there. We realized that the web had evolved from mainly simple text pages to rich, interactive applications and that we needed to completely rethink the browser. What we really needed was not just a browser, but also a modern platform for web pages and applications, and that’s what we set out to build.
On the surface, we designed a browser window that is streamlined and simple. To most people, it isn’t the browser that matters. It’s only a tool to run the important stuff — the pages, sites and applications that make up the web. Like the classic Google homepage, Google Chrome is clean and fast. It gets out of your way and gets you where you want to go.
This is just the beginning — Google Chrome is far from done. We’re releasing this beta for Windows to start the broader discussion and hear from you as quickly as possible. We’re hard at work building versions for Mac and Linux too, and will continue to make it even faster and more robust.
It will be available, in beta form, sometime today here.