Google announced an new cloud-based product yesterday called Google Drive. It’s basically a combination of cloud storage, collaboration tools (hello Google Wave), and file sharing. It’s a solid offering and you can actually get it for free right now but it will only give you 5GB of storage. Paying $2.50 USD per month though will upgrade that to 25GB. The upgrade will also increase the limit of e-mails you can store in your gmail account.

Watch this short video which basically highlights the major features of Google Drive.

Google Drive is also available on the Google Play Market (aka Android Market). It will be available for the iPad and iPhone as well but there’s no official launch date for the iOS platform.

If you’re lucky it might be “ready” already for your account so click here to check if it is.