DIF Capital Partners acquires leading Canadian geothermal company Diverso

11 mei 2023

DIF Capital Partners (“DIF”) is pleased to announce that it has signed an agreement to acquire a majority interest in Diverso Energy Inc. (“Diverso”), a leading developer, owner, and operator of geothermal energy systems in Canada. DIF’s investment will be executed through its DIF Infrastructure VII fund. DIF will acquire a 75% interest directly from the founders who will retain the remaining ownership and continue to lead the company.

Founded in 2015, Diverso offers a geothermal heating and cooling solutions for multi-unit residential and commercial projects under an Energy-as-a-Service (“EaaS”) model with long-term contracts. The acquisition will enable Diverso to continue its growth and execute on its growing pipeline of geothermal projects in Canada.

Diverso’s ground source energy systems typically reduce the carbon intensity of a building by 80% by removing traditional gas boilers. The company estimates its developed and pipeline projects will eliminate over 30,000 tons of CO2 annually. Geothermal systems are expected to contribute to Canada’s target to reduce carbon emissions by 40% by 2030 and net-zero by 2050. Supportive regulatory policies such as the clean technology investment tax credit for geothermal, regulations requiring stringent reductions of carbon intensity and improvements to energy efficiency in building design and increasing federal carbon taxes position Diverso strongly to achieve its targets.

This investment will provide immediate and long-term benefits to Diverso Energy and our clients” said Tim Weber, CEO of Diverso. “We are extremely proud of what our team has accomplished since our inception in 2015. With our new partnership and the immediate demand for low carbon building solutions, we are well positioned to enhance our operations and grow our position as market leaders as the industry accelerates the adoption of geothermal solutions.”

“Diverso provides a technical solution that is sustainable and significantly improves energy efficiency of buildings. We believe geothermal heating and cooling for residential and commercial properties will play an important role in the overall decarbonization of the Canadian economy” said Gijs Voskuyl, Partner and Head of Infrastructure at DIF Capital Partners. “This investment continues to build upon DIF’s long standing build to core strategy and commitment to reducing greenhouse gases globally. We look forward to the partnership with the Diverso management team in expanding its presence as a leading Canadian geothermal company in an industry supported by strong regulatory tail winds.”

Source: DIF
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