The two projects in question is a Loon and Wing. Both are following the Waymo, Chronicle, and Verily previously is also part of the project X Google, through The Verge.
In other words, Loon and Wing are now officially a new brother Google, because both are below the Alphabet. Even though it has its own stand, two companies that still run the same project as of now.
However, there is a change of management. Alphabet has appointed Alastair Westgarth CEO Loon and James Ryan Burgess as CEO of Wing.
Loon, as is known to have a project to provide internet network into rural use balloons, while Wing builds drones to logistics needs.
Although there has been no new project, two new corporate track record is certainly proved promising, so that the Alphabet has finally decided to break it down into a standalone company.
Therefore with the present as an independent company, parent company Google it certainly hopes project being developed by two companies can be serious business, it's no longer just a regular project.