Geothermal co Diverso Energy to grow in US after USD-42m partnership

Canadian geothermal utility company Diverso Energy is expanding in the US and New York State in particular, having agreed a new partnership with an investment fund.

The company recently announced it had teamed up with Eolectric Capital Inc (EOCAP), a joint venture between labour-sponsored fund Fondaction and renewables developer Eolectric, to create a CAD-55-million (USD 42m/EUR 36.7m) fund allocated to future geothermal heating and cooling projects across North America. EOCAP’s president Marc-Antoine Renaud stated at the time that the partnership had already accumulated a significant pipeline of committed projects for 2019 and 2020.

Diverso Energy designs, builds, owns and operates geothermal systems for multi-family, office and institutional buildings. Over the past four years, the company has been focusing on the Ontario market, but is now also engaged in projects in New York State, specifically in the higher education field.

When it comes to growth beyond Ontario and New York, the company also eyes Massachusetts. Co-founder Tim Weber told Renewables Now that the firm sees this state “as a great fit due to the appetite for a low carbon economy”.

The geothermal specialist believes that the combination of Diverso Energy’s technical strength and EOCAP’s financial expertise can help overcome traditional barriers like capital cost, construction budget impacts and complex technology risks.

(CAD 1.0 = USD 0.765/EUR 0.667)

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