On May 12, 2023, DIF Capital Partners ("DIF") signed an agreement to acquire a 75% interest in Diverso Energy Inc. ("Diverso"), a prominent Canadian geothermal energy system developer. This investment, made through DIF's Infrastructure VII fund, sees Diverso's founders retaining a 25% stake and continuing their leadership roles. Diverso, established in 2015, provides geothermal heating and cooling solutions for multi-unit residential and commercial projects under an Energy-as-a-Service (EaaS) model. This acquisition enables Diverso to expand and advance its pipeline of geothermal projects in Canada.

Diverso's systems significantly reduce carbon intensity in buildings by 80%, replacing traditional gas boilers. The company's efforts are anticipated to eliminate over 30,000 tons of CO2 annually, aligning with Canada's carbon emission reduction targets. Supportive policies, including clean technology investment tax credits and strict carbon intensity and energy efficiency regulations, further strengthen Diverso's market position.

Tim Weber, CEO of Diverso, highlighted the partnership's potential for immediate and long-term benefits, positioning Diverso as a leader in the growing geothermal solutions market. Gijs Voskuyl, Partner and Head of Infrastructure at DIF, emphasized the role of geothermal heating and cooling in Canada's decarbonization efforts, commending Diverso's sustainable solutions.