Google Glass isn't dead, according to chairman Eric Schmidt.

Despite removing the Explorer edition of the augmented reality device from stores in January, Google is simply working to make it a consumer product and hasn't killed it.

Schmidt claims Nest Labs' co-founder Tony Fadell is now working on Google Glass. It's still a major product for Google, Schmidt compared it to the self-driving car project that's also been getting a lot of interest in the past few months.

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"It is a big and very fundamental platform for Google," Schmidt said. "We ended the Explorer program and the press conflated this into us canceling the whole project, which isn't true. Google is about taking risks and there's nothing about adjusting Glass that suggests we're ending it."

Nest will now take the time to work on the design and internals of Google Glass, getting it ready for consumers. Schmidt gave no timeframe as to when the consumer edition would be available but stated it should be ready by late 2014.

Clearly, Google executives had higher hopes for Google Glass. Even Google X's leader Astro Teller claimed the buzz over the augmented reality device half-killed it due to lack of functionality when it was in the hands of enthusiasts.

While we wait for the next version of Google Glass, another startup, Magic Leap, is working on a new type of augmented reality. Magic Leap's own device features all of the same productivity features on Glass, but with a fun side packed full of games.

Google has invested in Magic Leap and will surely take a few cues from the startup, but whether that changes the initial vision of Glass is uncertain.

In 2013, Google showed Project Glass to the world in one day. It highlighted the navigation, photo, booking and recognition features but didn't show the drawbacks of having a futuristic and dorky looking device on the user's head.

This is something Nest will have to get around if Glass is ever to be successful.

TagsGoogle Glass, Eric Schmidt, nest labs, moonshots