From their grant announcement:

• http://research.google.com/university/exacycle_program.html

“Google Exacycle for Visiting Faculty is a new grant program for high-performance, CPU-intensive computing. In its first year, the program invites proposals for large-scale, computationally intensive research projects. The program awards sizable allocations on Google’s computing infrastructure to address grand challenges in science and engineering. We will award a total of approximately one billion core-hours [to 10 researchers and postdoctoral scholars] to drive transformational research in diverse fields such as astronomy, biology and medicine, earth sciences, mathematics and physics.  …  We are looking for projects that can consume at least 100 million core-hours”

The application is short (2 pages plus your CV), but the deadline is May 31st.