Metasphere Labs Announces Development of Innovative Carbon Credit Protocol for Grid-Scale Batteries

VANCOUVER, British Columbia, May 24, 2024 (GLOBE NEWSWIRE) — Metasphère Laboratories Inc. (formerly Looking Glass Labs Ltd., “Metasphere“or the”Business“) (Cboe Canada: LABZ) (OTC: LABZF) (FRA: H1N) is excited to announce an innovative initiative to accelerate the decarbonization of the electricity grid through the development of a pioneering carbon credit protocol for batteries network scale.

Innovative carbon credit protocol

The Company is committed to leveraging cutting-edge technologies 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 carbon reductions achieved through optimized battery operation. This protocol is designed to encourage the deployment and operation of grid-scale batteries, ensuring they play a central role in the transition to a clean energy future.

Submission to the Pure Sky carbon credit register

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 core technology. Having these protocols on public blockchains as open databases will be instrumental for Internet-wide accounting and offsetting of the carbon footprint based on Internet routing and consumption of Internet nodes and devices connected to the Internet. Additionally, the company intends to release the protocol for review to the Pure Sky registry at Mobile World Congress Americas 2024, along with its carbon routing protocol.

Meeting the need for decarbonization

Transitioning the electricity grid to renewable energy sources such as wind and solar is crucial to reducing carbon emissions. However, the intermittent nature of these renewable sources requires reliable energy storage solutions. Grid-scale batteries provide the flexibility to store excess renewable energy and discharge it when demand is high, reducing reliance on fossil fuels. The Company’s carbon credit protocol will further improve the economic viability of these batteries by providing a new source of revenue 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 to accurately count 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 providers, data center operators and utilities will come into play. a key role in reducing the overall carbon footprint of digital infrastructure..

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The role of virtual power plants (VPP)

Virtual Power Plants (VPPs) will be a major part of data center operations under this new protocol. By consolidating multiple battery storage systems and optimizing their collective operations, VPPs can provide reliable and efficient energy solutions that minimize carbon emissions. This integration will help data centers achieve their sustainability goals while ensuring operational efficiency and stability.

Collaborative Efforts for a Sustainable Future

The Company recognizes the importance of collaboration to achieve these ambitious sustainability goals. The Company is actively engaging with key stakeholders in the energy and technology sectors to develop and implement this innovative carbon credit protocol. By working together, Metasphere aims to create 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 grid-scale battery carbon credit protocol and integrating it with the Pure Sky Carbon credit registry, we aim to create a transparent and effective carbon accounting and reduction system,” said Natasha Ingram, CEO of the company.

“As a member of the Pure Sky initiative, Carbon RX looks forward to Metasphere’s protocol submission. Adding the external cost of carbon to Internet routing is an intriguing idea that could have a significant impact on 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 Metaverse, DAOs, Gamification and Web3, addressing social challenges related to climate change and aiming for positive planetary impact.

For more information, contact Natasha Ingram, CEO, at [email protected].

Prospective Information

This press release contains “forward-looking statements”. Statements in this press release that are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. These forward-looking statements include, among other things, the development of an MVP to fully integrate Pure Sky’s carbon credit ledger and DAO operations to advance blockchain for environmental benefits and global sustainability, delivery of the MVP to Pure Sky by July 1, 2024. , other open metaverse projects and the development of virtual world projects.

Material assumptions supporting these forward-looking statements include, among others, the following: the Company may mitigate risks associated with the blockchain and NFT industry; the ability to compete with other companies in the NFT, metaverse and blockchain markets; the availability of sufficient financing to carry out the Company’s business development plans; favorable market conditions; and market acceptance of 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 sufficient workforce with the desired skills to develop the Company’s digital offerings; the availability of third-party offerings in the NFT, metaverse development and online gaming market to identify potential transactions; the growing adoption of NFTs as a solution for various online gaming, entertainment and collectible uses; the Company having the ability to mitigate risks associated with the blockchain and NFT industry; and the ability to compete with other companies 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 will not be accepted by the consumer, the risk that other competitors offer similar digital offerings; the risk of adverse changes in general economic and business conditions; the risk that the Company has negative operating cash flows and not enough capital to complete the development of any of its technologies; the risk that the Company will not be able to obtain additional financing if necessary; the risk of increased investment and operating costs; the risk that NFT technology is subject to fraud and other failures; the risk that there will be technological changes and developments in the blockchain rendering NFT solutions obsolete; risks related to regulatory developments or actions likely to hinder the development or operation of blockchain solutions; the risk that other competitors will offer similar blockchain offerings; the potential future unviability of the NFT market in general; the volatile cost of the amount of computational effort required to perform specific operations on the blockchain, and other general risks involved in blockchain solutions.

The risks and uncertainties relating to the Company’s business are discussed in more detail in the Company’s disclosure documents, including its reports filed with Canadian securities regulatory authorities and which may be obtained from www.sedarplus.ca.

Any of these risks could 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 such forward-looking statements. In addition, 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 the forward-looking statements, there may be d other factors that could cause results, levels of activity, performance or achievements to differ materially from those described in the forward-looking statements. achievements should not be those anticipated, estimated or intended. These forward-looking statements are made as of the date of this press release, and the Company undertakes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the statements. prospective. except as required by applicable law, including the securities laws of the United States and Canada. Although the Company believes that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. The Company assumes no responsibility for the disclosure relating to any other company mentioned herein.