Alphabet is shutting down Loon, one of its "moonshots" which aimed to deliver Internet service via high-altitude balloons.

Why it matters: The effort was one of several approaches designed to get high-speed connectivity to some of the world's remote spots and also proved useful in the aftermath of disasters that shut down traditional infrastructure.

Alphabet confirmed the move, first reported by Wired, in. a blog post.

"While we’ve found a number of willing partners along the way, we haven’t found a way to get the costs low enough to build a long-term, sustainable business," Loon head XXX said in a blog post. "Developing radical new technology is inherently risky, but that doesn’t make breaking this news any easier."

Go deeper:

• Alphabet's Loon launches balloon-based internet service in Kenya

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