VANCOUVER, British Columbia, May 27, 2024 (GLOBE NEWSWIRE) -- Metasphere Labs Inc. (formerly Looking Glass Labs Ltd., "Metasphere" or the "Company") (Cboe Canada: LABZ) (OTC: LABZF) (FRA: H1N) 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.
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.
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.
