Project Loon was an ambitious initiative by Loon LLC, a subsidiary of Alphabet Inc. (Google's parent company), aimed at providing internet connectivity to remote and underserved regions worldwide.

The project deployed high-altitude balloons in the stratosphere, equipped with networking technology to create an aerial wireless network, functioning like floating cell towers. These balloons were designed to deliver internet access in disaster-hit areas and regions with poor infrastructure.

However, despite its technological success, Project Loon was discontinued in January 2021 due to difficulties in achieving commercial sustainability.

Hence, the correct answer is option B.