Wall Street Journal reports that Google is currently putting in hundreds of millions of dollars on a mobile phone project.  While there’s been some buzz lately about a “Google phone”, we actually have more details now.  According to The Journal, Google’s been courting carriers like T-Mobile and Verizon and is hard at work on mobile phone mock-ups and mobile applications.  Their motivation? CEO Eric Schmidt says advertising is their primary reason since mobile ads are “twice as profitable or more than nonmobile phone ads because they’re more personal.”  The finished phone should be available by next year.

[via mobilecrunch]