VANCOUVER, British Columbia, May 24, 2024 – 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.
