Diverso Energy Expands Energy-as-a-Service Model for Multi-Residential Developers Beyond the GTA

Posted on March 25th, 2025 | Filed under Press Releases

TORONTO, March 25, 2025 /CNW/ – As real estate developers navigate rising energy costs and stricter carbon reduction mandates, Diverso Energy is redefining how geothermal energy is delivered through its Energy-as-a-Service (EaaS) model. By eliminating upfront capital costs and guaranteeing system success, Diverso makes sustainable heating and cooling as easy as subscribing to a utility.

Celebrating its tenth anniversary, Toronto-based Diverso Energy has grown from an industry pioneer to a leader in geothermal utility solutions, helping developers transition away from traditional gas-based HVAC systems. In 2023, investment from CVC DIF enabled Diverso to expand its team, vertically integrate operations, and accelerate adoption across Ontario.

Backed by CVC DIF, a global infrastructure fund with over €18 billion in assets, Diverso is expanding its vertically integrated model, combining engineering, drilling, construction, and project capital. This streamlined approach helps developers reduce financial and construction risk, meet evolving regulations, and stabilize long-term operating costs.

“CVC DIF recognized the opportunity to transform geothermal from a niche sustainability initiative into a mainstream energy solution for developers,” said Jon Mesquita, Co-Founder and COO of Diverso Energy. “Their backing allows us to scale rapidly and provide an alternative to traditional gas based heating and cooling solutions that is both cost-neutral and future-proof.”

By shifting capital expenses to operational expenses, Diverso’s model has gained traction with developers including Camrost Felcorp, Collecdev, Markee, Windmill, and Branthaven. These early adopters are demonstrating how geothermal can be a viable, long-term solution.

“For decades, developers relied on gas-powered HVAC systems as geothermal adoption was difficult with a high up front cost and long-term operational risk,” says Joseph Feldman, Executive Vice President and COO at Camrost Felcorp Inc. “Diverso has changed that for us, as their model offers a cost-effective and frictionless way to integrate sustainable energy into projects.”

Camrost chose Diverso as the geothermal partner for its award-winning Exchange District, located in the heart of Mississauga’s City Centre. The project will provide low-carbon heating and cooling to residents of EXS Condos, which has topped off at 30 storeys, and the 660+ suites in the 66-storey EX3 Condos, North America’s tallest geothermal condominium.

As net-zero mandates and municipal green standards increase the push for low-carbon construction, Diverso’s model provides a stable, long-term heating and cooling solution. Unlike gas infrastructure, which faces regulatory and economic uncertainty, geothermal is positioned as a sustainable and economically viable alternative.

With expansion beyond the GTA, Diverso aims to bring geothermal EaaS to more multi-residential and commercial developments. The company continues to refine its developer-first approach, ensuring seamless integration and long-term operational support.

About Diverso Energy

Diverso Energy is Canada’s leading Energy-as-a-Service (EaaS) provider, specializing in geothermal utility solutions for multi-unit residential buildings (MURBs). By removing upfront capital costs and guaranteeing system operations, Diverso enables developers to adopt sustainable, low-carbon heating and cooling through a seamless, subscription-based model.

For more information, visit diversoenergy.com.