Not for distribution to U.S. Newswire Services or for dissemination in the United States of America. Any failure to comply with this restriction may constitute a violation of U.S. Securities laws.
TORONTO, ON / ACCESSWIRE / February 8, 2024 / Sparta Group (TSX.V:SAY) (the "Corporation" the "Company", "Sparta Group", "Sparta Capital", "SAY.V" or "Sparta") is reporting that under its Environment division, ERS International, its carbon credit program is poised to gain strength as the price for carbon reaches $80 per tonne this spring.
Generally speaking, for every metric tonne of carbon dioxide diverted from landfill, one carbon credit is generated. In the case of ERS, generation of credits is based on tonnage of material recycled and reused, as well as the category of material.
In 2023, the national price for carbon was set at a minimum of $65 per tonne of greenhouse gas emissions (GHG). In April 2024 that minimum goes up to $80 per tonne. By 2030 the price will be $170. ERS is the first recycler of its kind in Canada to be certified to offer verified carbon credits through advanced waste processing operations.
Sparta management have indicated that just about any type of business can benefit from the carbon credit program established by ERS; however, digital technology related industries have a strong interest is such programs. One example is in the ever-growing cryptocurrency area. For example, in 2023 a project with digital asset mining pioneers Hut 8, saw ERS process over 360 metric tonnes of Hut 8 electronic waste, generating 7,500 carbon dioxide equivalent carbon credits.
Due to the constant increase in a bitcoin network's hashrate, mining devices have an average lifespan of under 2 years until they become unprofitable and require replacement. Mining waste includes hash boards, ASIC Miners, power supply units (PSUs), various types of cables and other electronic components. At Sparta's ERS, the sophisticated and efficient system used to process e-waste means there is no residual waste. In other words, nothing goes to landfill.
"We couldn't be happier about the way our carbon credit program is developing and the fact that it is giving us another revenue stream. With the ongoing interest in our program, we are excited about the year ahead," said Joseph Cimorelli, Director of Global Business Development for ERS.
While Hut 8 has committed to a goal of being carbon neutral by 2025, many other bitcoin miners in the country are looking to significantly reduce their carbon footprint. Currently, there are just under 100 bitcoin mining companies in Canada. Aside from bitcoin miners, other technology related businesses, airlines, large industries, and automakers, tend to purchase carbon credits.
About Sparta
Sparta Group (a.k.a. Sparta Capital Ltd.) is a technology-based company focused on integrating emerging technologies. It operates with a decentralized business model, with each active business functioning as a separate subsidiary. This structure provides brand recognition, insight, high-level strategic guidance, and financial monitoring. Sparta Group is divided into three operational business segments, each accountable for its day-to-day operations and performance. Those segments are, Environment, Energy, and Innovation.
Sparta is a publicly traded company listed on the TSX Venture Exchange Inc. under the symbol "SAY" (TSX.V: SAY). Additional information is available at www.spartagroup.ca or on SEDAR at www.sedar.com.
For more information contact:
Tony Peticca, President
Email: tony@spartagroup.ca
Telephone: 416-648-6506
This above may contain "forward-looking information" within the meaning of applicable securities laws. When used in this address, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. Although the Corporation believes considering the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, readers are cautioned to not place undue reliance on forward-looking information because the Corporation can give no assurance that they will prove to be correct. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date of publication of this information and the Corporation undertakes no obligation to update such forward-looking statements if these beliefs, estimates and opinions or other circumstances should change. Furthermore, the Corporation undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of the Corporation. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Sparta Group
View the original press release on accesswire.com
