Pitblado Law is pleased to announce its representation of the founders of Diverso Energy Inc. (“Diverso”) in the successful sale of a majority interest in Diverso to DIF Capital Partners (“DIF”). Based in Toronto, Diverso is a leading developer, owner, and operator of geothermal energy systems in Canada. DIF, through its DIF Infrastructure VII fund, acquired a 75% interest in Diverso directly from the founders, who will retain the remaining ownership and continue to lead the company.
Founded in 2015, Diverso specializes in providing geothermal heating and cooling solutions for multi-unit residential and commercial projects under an innovative Energy-as-a-Service (“EaaS”) model with long-term contracts. The acquisition empowers Diverso to sustain its growth trajectory and fulfill its expanding pipeline of geothermal projects across Canada.
Diverso’s ground source energy systems have a remarkable capacity to reduce a building’s carbon intensity by 80% by replacing traditional gas boilers. The company anticipates that its ongoing and future projects will eliminate over 30,000 tons of CO2 emissions annually. Geothermal systems are expected to play a crucial role in Canada’s efforts to reduce carbon emissions by 40% before 2030 and achieve net-zero emissions by 2050.
Pitblado partners Brad Madison and Adam Herstein worked with associate Adriel Agpalza and articling student Alexis Alevizos to facilitate this high-profile transaction. Brad Madison commented that ”It is really inspiring to work with founders of innovative companies like Diverso that are not only doing interesting things in the start-up space but are also making a difference in terms of environmental responsibility.”
Pitblado Law was honoured to be selected by Diverso’s ownership group to represent them and Diverso in this transaction. We wish them continued success with their new partners, DIF Capital Partners.
Read the full press release here: DIF Capital Partners acquires Diverso Energy – Private Capital Journal
