According to 9to5Google the new version of Google Glass will be called 'Enterprise Edition', or just 'EE'.
It will have a bigger prism, which is the part look into, while Intel will provide an Atom processor. The larger prism will help reduce eye strain and allow larger Now cards to be placed in front of your vision, while the Intel Atom processor will provide improved performance and better battery life.
Heat management has been improved, and thanks to the Intel Atom you should get through more of the day with the new Glass.
According to sources, it's only a modest improvement over the previous generation. Battery life was one of the biggest concerns for workplace applications with the Explorer Edition, and the Mountain View Company isn't going to let Enterprise Edition hit the workplace without at least some improvement.
Google has also reportedly developed an external battery pack for Glass which is pretty pointless. The new Enterprise Edition will also feature 802.11 a/b/g/n/ac dual-band Wi-Fi.
With the name change Google seems to be moving Glass into the workplace which is away from the first Explorer Edition version of Glass, which was for consumers. It looks like Google has given up on that idea.