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) (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.