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This sounds like the continuation of Neverware, which they acquired at the end of 2020.

https://arstechnica.com/gadgets/2020/12/google-acquired-neve...

Googler, opinions are my own.

I believe this is exactly what it is.

Sure is. On the top of the installation guide page you are directed to if you sign up for the beta:

"Chrome OS Flex is currently released for early access testing and is not suitable for production use. CloudReady is available for immediate stable deployment. Google will automatically update CloudReady devices to Chrome OS Flex, when Chrome OS Flex is stable. We welcome your feedback as we work to improve the product. Send feedback."

Have been using CloudReady for a couple of years on a Lenovo X201s used by the kids. Performance is excellent.

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