Australian regulator examining Firmus after abandoned $44bn listing

Summarised from 2 outlets · Updated 20 Oct, 07:02 · Archive

Australia's corporate regulator is making inquiries into AI data centre company Firmus after it abandoned a $44 billion stock market listing in October.

Australia's corporate regulator is making inquiries into artificial intelligence developer Firmus after the company abandoned a planned $44 billion listing on the Australian Securities Exchange in early October. The Australian Securities and Investments Commission's director of enforcement and compliance, Chris Savundra, told a federal parliamentary inquiry into AI that there is no formal investigation on foot, but the regulator is undertaking routine inquiries.

Firmus plans to build a network of data centres across Australia, with three in Tasmania at Launceston, George Town, and Wesley Vale. At a separate state parliamentary inquiry, Firmus general manager of energy Paul Grzinic said the Launceston and George Town centres were fully funded and that the failed listing had no impact on their construction or approved facilities. Wesley Vale is progressing through the development process.

Mr Grzinic reaffirmed the company's commitment to underwriting renewable energy solely in Tasmania and addressed community concerns about diesel generators at the planned George Town facility, describing them as back-up supply. Firmus is appealing against conditions restricting the use of 276 on-site diesel generators at that site. The company said it will continue pursuing capital through private markets and consider public markets in future.

How it is being reported

• Regulator making 'routine inquiries' after Firmus flopMore questions are being asked about artificial intelligence data centre company Firmus, following its decision to abandon a planned stock market listingPerth Now · 20 Oct, 06:51
• Regulator making 'routine inquiries' after Firmus flopMore questions are being asked about artificial intelligence data centre company Firmus, following its decision to abandon a planned stock market listingThe West Australian · 20 Oct, 06:51

In this story: Firmus · Australian Securities and Investments Commission · Chris Savundra · Paul Grzinic · Tasmania · Launceston · George Town · Wesley Vale

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