24.05.2024 22:05:05 - dpa-AFX: GNW-Adhoc: Metasphere Labs Announces Development of Innovative Carbon Credit Protocol for Grid-Scale Batteries
VANCOUVER, British Columbia, May 24, 2024 (GLOBE NEWSWIRE) -- Metasphere Labs
Inc. (formerly Looking Glass Labs Ltd., "Metasphere" or the "Company") (Cboe
Canada: LABZ (https://www.cboe.ca/en/live/security-activity/LABZ%23!/market-
depth)) (OTC: LABZF (https://www.otcmarkets.com/stock/LABZF/overview)) (FRA: H1N
(https://www.boerse-frankfurt.de/equity/metasphere-labs-inc)) is excited to
announce an innovative initiative aimed at accelerating the decarbonization of
the electricity grid through the development of a pioneering carbon credit
protocol for grid-scale batteries.
Innovative Carbon Credit Protocol
The Company is committed to leveraging advanced technology to address critical
environmental challenges. The new carbon credit protocol will enable grid-scale
batteries to monetize their environmental attributes by generating carbon
credits for the carbon reductions achieved through optimized battery operations.
This protocol is designed to incentivize the deployment and operation of grid-
scale batteries, ensuring they play a pivotal role in the transition to a clean
energy future.
Submission to Pure Sky Carbon Credit Registry
The Company intends to submit this protocol to the Pure Sky Carbon credit
registry, which it is helping to develop and which uses smart contracts as its
foundational technology. Having these protocols on public blockchains as open
databases will be instrumental for Internet-scale accounting and offsetting of
carbon footprint based on Internet routing and the consumptions of internet
nodes and internet-connected devices. Additionally, the Company intends to
release the protocol for review to the Pure Sky Registry during Mobile World
Congress Americas 2024, together with its Carbon Routing Protocol.
Addressing the Need for Decarbonization
The electricity grid's transition to renewable energy sources such as wind and
solar is crucial for reducing carbon emissions. However, the intermittent nature
of these renewable sources necessitates reliable energy storage solutions. Grid-
scale batteries provide the flexibility needed to store excess renewable energy
and discharge it when demand is high, thereby reducing reliance on fossil fuels.
The Company's carbon credit protocol will further enhance the economic viability
of these batteries by providing a new revenue stream through carbon credits.
Broader Initiative for Comprehensive Carbon Accounting
This battery protocol is part of the Company's broader initiative to develop an
end-to-end solution for accurately accounting for the carbon footprint of data
centers and the Internet. As data centers increasingly adopt Virtual Power
Plants (VPPs) and other advanced technologies, the cooperation of server
vendors, network equipment vendors, data center operators, and utilities will be
instrumental in reducing the overall carbon footprint of digital infrastructure.
The Role of Virtual Power Plants (VPPs)
Virtual Power Plants (VPPs) will be a major component of data center operations
under this new protocol. By aggregating multiple battery storage systems and
optimizing their collective operations, VPPs can provide reliable and efficient
energy solutions that minimize carbon emissions. This integration will support
data centers in achieving their sustainability goals while ensuring operational
efficiency and stability.
Collaborative Efforts for a Sustainable Future
The Company recognizes the importance of collaboration in achieving these
ambitious sustainability targets. The Company is actively engaging with key
stakeholders across the energy and technology sectors to develop and implement
this innovative carbon credit protocol. By working together, Metasphere aims to
create a sustainable and resilient energy infrastructure that supports the
global transition to a low-carbon economy.
Quotes
"Metasphere is dedicated to driving innovation in the fight against climate
change. By developing this carbon credit protocol for grid-scale batteries and
integrating it with the Pure Sky Carbon credit registry, we aim to create a
transparent and efficient system for carbon accounting and reduction," said
Natasha Ingram, CEO of the Company.
"As a member of the Pure Sky initiative, Carbon RX looks forward to the
submission of Metasphere's protocol. Adding the external cost of carbon to
Internet routing is an intriguing idea that could significantly impact the
sustainability of digital infrastructure," said Marty Seymour, CEO of Carbon RX.
About Metasphere Labs:
Based in Vancouver, British Columbia, Metasphere Labs develops solutions for the
metaverse, DAOs, gamification, and Web3, addressing social challenges related to
climate change and aiming for a positive planetary impact.
For more information, contact Natasha Ingram, CEO, at info@metasphere.earth
(mailto:info@metasphere.earth).
Forward-Looking Information
This news release contains "forward-looking statements." Statements in this news
release that are not purely historical are forward-looking statements and
include any statements regarding beliefs, plans, expectations, or intentions
regarding the future. Such forward-looking statements include, among other
things, the development of an MVP to fully integrate Pure Sky's carbon credit
registry and DAO operations to advance blockchain for environmental benefits and
global sustainability, the delivery of the MVP to Pure Sky by July 1, 2024,
other open metaverse projects and the development of virtual world projects.
The material assumptions supporting these forward-looking statements include,
among others, that: the Company could mitigate the risks associated with the
blockchain and NFT industry; the ability to compete with other businesses in the
NFT, metaverse and blockchain markets; the availability of sufficient funding to
carry out the Company's business development plans; favourable market
conditions; and the market acceptance for its products.
Although management considers these assumptions to be reasonable based on
information currently available to it, they may prove to be incorrect. These
forward-looking statements are only predictions and involve known and unknown
risks, uncertainties and other factors, including: the continued growth and
adoption of NFT, metaverse and blockchain offerings; the cost of developing and
designing NFTs and metaverses is economically viable; the Company being able to
attract and retain a sufficient workforce with desired skillsets to develop the
Company's digital offerings; the availability of offerings provided by third-
parties in the NFT, metaverse development and online gaming market to identify
potential transactions; the increasing adoption of NFTs as a solution for
various online gaming, entertainment and collectible uses; the Company having
the ability to mitigate the risks associated with the blockchain and NFT
industry; and the ability to compete with other businesses in the NFT, metaverse
development, content creation and collectibles market.
Although management considers these assumptions to be reasonable based on
information currently available to it, they may prove to be incorrect. These
forward-looking statements are only predictions and involve known and unknown
risks, uncertainties and other factors, including: the risk that the Company's
offerings are not accepted by the consumer, the risk that other competitors may
offer similar digital offerings; the risk that there may be negative changes in
general economic and business conditions; the risk that the Company may have
negative operating cash flow and not enough capital to complete the development
of any of its technologies; the risk that the Company may not be able to obtain
additional financing as necessary; the risk that there may be increases in
capital and operating costs; the risk that the NFT technology may be subject to
fraud and other failures; the risk that there may be technological changes and
developments in the blockchain that make the NFT solutions obsolete; risks
relating to regulatory changes or actions which may impede the development or
operation of the blockchain solutions; the risk that other competitors may
release similar blockchain offerings; the potential future unviability of the
NFT market in general; the volatile cost of the amount of computational effort
required to execute specific operations on the blockchain, and other general
risks involved in the blockchain solutions.
Risks and uncertainties about the Company's business are more fully discussed in
the Company's disclosure materials, including its reports filed with the
Canadian securities regulators and which can be obtained from www.sedarplus.ca
(http://www.sedarplus.ca/).
Any of these risks may cause the Company's actual results, levels of activity,
performance or achievements to be materially different from any future results,
levels of activity, performance or achievements expressed or implied by these
forward-looking statements. Further, although the Company has attempted to
identify factors that could cause actual results, levels of activity,
performance or achievements to differ materially from those described in
forward-looking statements, there may be other factors that cause results,
levels of activity, performance or achievements not to be as anticipated,
estimated or intended. These forward- looking statements are made as of the date
of this news release, and the Company assumes no obligation to update the
forward-looking statements, or to update the reasons why actual results could
differ from those projected in the forward-looking statements, except as
required by applicable law, including the securities laws of the United States
and Canada. Although the Company believes that any beliefs, plans, expectations
and intentions contained in this news release are reasonable, there can be no
assurance that any such beliefs, plans, expectations or intentions will prove to
be accurate. The Company does not assume any liability for disclosure relating
to any other company mentioned herein.
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