Sphere 3D, Gryphon Buy Carbon Credits

Sphere 3D (NASDAQ: ANY) and Gryphon Digital Mining, which recently entered into an Agreement and Plan of Merger, today announced that they have entered into an agreement to purchase 250,000 Certified Emission Reductions ("CERs" or "Credits"), with each company purchasing 125,000 credits, subject to closing conditions.

These credits will not only support ESG commitments in achieving net-zero emissions for the parties, but will allow Gryphon to become the first carbon negative crypto miner, This is the next stage in both Gryphon and Sphere 3D's mission to develop operations with sustainability and ESG ideals in mind.

The sales are conditional upon the seller receiving UNFCCC verification. The seller is in the process of finalizing the verification of CERs for its renewable energy facility under the United Nation's Convention on Climate Change ("UNFCCC") protocols. Such process is anticipated to be completed by the fourth quarter of 2021.

It is estimated that with the size of current operations, Gryphon and Sphere 3D would remain carbon negative for at least the next 5 years. As explained by BlueSource, carbon emissions for any organization come from one of three scopes, depending on if you have direct ownership over the source of emissions (Scope One), if you operate facilities that contribute to emissions (Scope Two), or if other emissions are caused through your supply chains, employee commutes, etc (Scope Three).

ANY shares galloped 38 cents, or 19%, to $2.38.