{"id":923623,"date":"2026-10-11T00:16:15","date_gmt":"2026-10-11T00:16:15","guid":{"rendered":"https:\/\/www.newsbeep.com\/au\/923623\/"},"modified":"2026-10-11T00:16:15","modified_gmt":"2026-10-11T00:16:15","slug":"tasmanians-have-expressed-doubts-about-ai-company-firmus-now-so-have-investors","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/au\/923623\/","title":{"rendered":"Tasmanians have expressed doubts about AI company Firmus, now so have investors"},"content":{"rendered":"<p class=\"paragraph_paragraph___QITb\">Firmus Technologies has been the talk of the town after it was forced on Friday to pull the pin on its highly anticipated debut on the Australian Securities Exchange due to lacklustre demand.<\/p>\n<p class=\"paragraph_paragraph___QITb\">At the start of the year, not many people knew about the company quietly building an AI data centre in Launceston, in northern Tasmania.<\/p>\n<p class=\"paragraph_paragraph___QITb\">Fast forward to June, Tasmania&#8217;s energy minister, after questions in parliament, <a class=\"Link_link__kR0xA Link_link__5eL5m ScreenReaderOnly_srLinkHint__OysWz Link_showVisited__C1Fea Link_showFocus__ALyv2\" href=\"https:\/\/www.abc.net.au\/news\/2026-06-15\/firmus-ai-company-tasmania-biggest-power-user-three-sites\/106783142\" data-component=\"Link\" data-uri=\"coremedia:\/\/article\/106783142\" rel=\"nofollow noopener\" target=\"_blank\">revealed Firmus wanted to build two more AI data centres in Tasmania.<\/a><\/p>\n<p class=\"paragraph_paragraph___QITb\">A firestorm of anti-AI data centre sentiment erupts in the community and suddenly every Tasmanian has something to say about Firmus.\u00a0<\/p>\n<p class=\"paragraph_paragraph___QITb\">The company hits hitch after hitch as it races to get its three Tasmanian projects up and running to cash in on the AI boom.<\/p>\n<p><a href=\"https:\/\/www.abc.net.au\/news\/2026-10-09\/firmus-float-gets-pulled-following-lacklustre-investor-demand\/107246230\" data-component=\"FullBleedLink\" class=\"RelatedCard_link__rsgR9 FullBleedLink_root__lTw_U interactive_focusContext__yRhc_ interactive_defaults__AKxUU FullBleedLink_showVisited__g3Xvz\" rel=\"nofollow noopener\" target=\"_blank\">Firmus pulls blockbuster float<\/a><\/p>\n<p class=\"Typography_base__sj2RP RelatedCard_synopsis__cFwMW Typography_sizeMobile14__u7TGe Typography_lineHeightMobile20___U7Vr Typography_regular__WeIG6 Typography_colourInherit__dfnUx\" data-component=\"Typography\">Firmus searches for private funding as it withdraws its application to list on the ASX just a day after closing its books to investors.\u00a0<\/p>\n<p class=\"paragraph_paragraph___QITb\">Come September and Firmus is a sponsor of not one, but three sporting bodies in Tasmania \u2014 <a class=\"Link_link__kR0xA Link_link__5eL5m ScreenReaderOnly_srLinkHint__OysWz Link_showVisited__C1Fea Link_showFocus__ALyv2\" href=\"https:\/\/www.abc.net.au\/news\/2026-09-09\/ai-data-centre-firmus-sponsorship-tasmanian-devils-afl-club\/107131762\" data-component=\"Link\" data-uri=\"coremedia:\/\/article\/107131762\" rel=\"nofollow noopener\" target=\"_blank\">the fabled Tasmania Devils AFL club<\/a>, the JackJumpers and Jewels basketball teams, and Cricket Tasmania. Many see it as an attempt to build a social licence.<\/p>\n<p class=\"paragraph_paragraph___QITb\">Despite these efforts, <a class=\"Link_link__kR0xA Link_link__5eL5m ScreenReaderOnly_srLinkHint__OysWz Link_showVisited__C1Fea Link_showFocus__ALyv2\" href=\"https:\/\/www.abc.net.au\/news\/2026-09-26\/firmus-starts-development-work-without-permit-wesley-vale\/107198264\" data-component=\"Link\" data-uri=\"coremedia:\/\/article\/107198264\" rel=\"nofollow noopener\" target=\"_blank\">EMRS polling<\/a> conducted in September found the majority of Tasmanians aren&#8217;t keen on AI data centres setting up shop in the state. Women and younger people are leading the push against them.<\/p>\n<p class=\"paragraph_paragraph___QITb\">Regardless of these sentiments, AI data centres are needed to power tools like ChatGPT and Claude <a class=\"Link_link__kR0xA Link_link__5eL5m ScreenReaderOnly_srLinkHint__OysWz Link_showVisited__C1Fea Link_showFocus__ALyv2\" href=\"https:\/\/www.abc.net.au\/news\/2026-09-19\/young-people-against-use-of-artificial-intelligence-your-say\/107151886\" data-component=\"Link\" data-uri=\"coremedia:\/\/article\/107151886\" rel=\"nofollow noopener\" target=\"_blank\">which Australians are increasingly taking up.<\/a><\/p>\n<p class=\"paragraph_paragraph___QITb\">Firmus claims its facilities can produce AI tokens much cheaper than its competitors, and its innovative cooling technology means they won&#8217;t use much water.<\/p>\n<p class=\"paragraph_paragraph___QITb\">But Firmus hasn&#8217;t established much of a track record yet. It only has one operational AI data centre in Australia, which is in Melbourne.<\/p>\n<p><img decoding=\"async\" alt=\"Anti-data centre protester in group of people.\" class=\"Image_image__5tFYM ContentImage_image__DQ_cq\"  src=\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/10\/af0d1830d2012bc5ef7e61b62e3cb1eb.jpeg\" loading=\"lazy\" data-component=\"Image\" data-lazy=\"true\"\/><\/p>\n<p class=\"Typography_base__sj2RP FigureCaption_text__zDxQ5 Typography_sizeMobile12__w_FPC Typography_lineHeightMobile20___U7Vr Typography_regular__WeIG6 Typography_colourInherit__dfnUx\" data-component=\"Typography\">About 80 people gathered ahead of the George Town Council meeting, urging councillors to vote Firmus&#8217;s proposal down. (ABC News: Emily Smith)<\/p>\n<p class=\"paragraph_paragraph___QITb\">The company wants 444 megawatts to power its three Tasmanian facilities, which would make it the state&#8217;s biggest power user. We don&#8217;t yet know where all that power will come from.<\/p>\n<p class=\"paragraph_paragraph___QITb\">It seems investors, like Tasmanian communities, aren&#8217;t yet convinced by what Firmus is selling.\u00a0<\/p>\n<p class=\"paragraph_paragraph___QITb\">What was meant to be the biggest initial public offering since Telstra \u00a0\u2014 aiming to raise $7 billion to fund its AI data centre rollout \u2014 has been cancelled, with the company saying it will look to raise funds privately instead.\u00a0<\/p>\n<p>Tasmanian projects keep running into trouble<\/p>\n<p class=\"paragraph_paragraph___QITb\">When neighbouring communities found out about Firmus&#8217;s Bell Bay project, they were furious at what they saw as a lack of community consultation.<\/p>\n<p class=\"paragraph_paragraph___QITb\">Firmus responded to the backlash by hosting community drop-in sessions and <a class=\"Link_link__kR0xA Link_link__5eL5m ScreenReaderOnly_srLinkHint__OysWz Link_showVisited__C1Fea Link_showFocus__ALyv2\" href=\"https:\/\/www.abc.net.au\/news\/2026-07-02\/firmus-response-public-backlash-artificial-intelligence-tasmania\/106864804\" data-component=\"Link\" data-uri=\"coremedia:\/\/article\/106864804\" rel=\"nofollow noopener\" target=\"_blank\">fronting the media to address questions<\/a>, but trust was already low.<\/p>\n<p><img decoding=\"async\" alt=\"Two young men sit in a radio booth with red walls, wearing headphones and speaking into an ABC branded microphone.\" class=\"Image_image__5tFYM ContentImage_image__DQ_cq\"  src=\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/10\/f359bf9d7fd6644e3533880db7c24831.jpeg\" loading=\"lazy\" data-component=\"Image\" data-lazy=\"true\"\/><\/p>\n<p class=\"Typography_base__sj2RP FigureCaption_text__zDxQ5 Typography_sizeMobile12__w_FPC Typography_lineHeightMobile20___U7Vr Typography_regular__WeIG6 Typography_colourInherit__dfnUx\" data-component=\"Typography\">Firmus co-CEOs Tim Rosenfield and Oliver Curtis fronted the media to address community concerns. (ABC News: Morgan Timms)<\/p>\n<p class=\"paragraph_paragraph___QITb\">The local council, George Town, ended up <a class=\"Link_link__kR0xA Link_link__5eL5m ScreenReaderOnly_srLinkHint__OysWz Link_showVisited__C1Fea Link_showFocus__ALyv2\" href=\"https:\/\/www.abc.net.au\/news\/2026-08-25\/firmus-ai-bell-bay-receives-george-town-council-approval\/107074336\" data-component=\"Link\" data-uri=\"coremedia:\/\/article\/107074336\" rel=\"nofollow noopener\" target=\"_blank\">approving<\/a> the data centre \u2014 <a class=\"Link_link__kR0xA Link_link__5eL5m ScreenReaderOnly_srLinkHint__OysWz Link_showVisited__C1Fea Link_showFocus__ALyv2\" href=\"https:\/\/www.abc.net.au\/news\/2026-08-21\/tas-firmus-ai-data-centre-george-town\/107062068\" data-component=\"Link\" data-uri=\"coremedia:\/\/article\/107062068\" rel=\"nofollow noopener\" target=\"_blank\">it didn&#8217;t see how it could say no under the planning laws.<\/a><\/p>\n<p class=\"paragraph_paragraph___QITb\">It was a win for Firmus, but the company still <a class=\"Link_link__kR0xA Link_link__5eL5m ScreenReaderOnly_srLinkHint__OysWz Link_showVisited__C1Fea Link_showFocus__ALyv2\" href=\"https:\/\/www.abc.net.au\/news\/2026-09-15\/firmus-technologies-lodge-tascat-appeal-for-generator-use\/107144572\" data-component=\"Link\" data-uri=\"coremedia:\/\/article\/107144572\" rel=\"nofollow noopener\" target=\"_blank\">appealed<\/a>. It wasn&#8217;t happy with a condition imposed by the council that would limit its use of backup diesel generators to during power failures, emergencies, maintenance and testing.<\/p>\n<p class=\"paragraph_paragraph___QITb\">That caught the Environment Protection Authority by surprise. It&#8217;s made a submission to the appeal saying it had understood the generators would only be used very infrequently, and had it known otherwise, <a class=\"Link_link__kR0xA Link_link__5eL5m ScreenReaderOnly_srLinkHint__OysWz Link_showVisited__C1Fea Link_showFocus__ALyv2\" href=\"https:\/\/www.abc.net.au\/news\/2026-10-10\/firmus-generators-epa-appeal-watchdog\/107247476\" data-component=\"Link\" data-uri=\"coremedia:\/\/article\/107247476\" rel=\"nofollow noopener\" target=\"_blank\">it would have assessed the application differently.<\/a><\/p>\n<p><img decoding=\"async\" alt=\"A computer render of a long, low beige coloured building among trees\" class=\"Image_image__5tFYM ContentImage_image__DQ_cq\"  src=\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/10\/a3e8c74dba0ee9501c80a770f365d94e.jpeg\" loading=\"lazy\" data-component=\"Image\" data-lazy=\"true\"\/><\/p>\n<p class=\"Typography_base__sj2RP FigureCaption_text__zDxQ5 Typography_sizeMobile12__w_FPC Typography_lineHeightMobile20___U7Vr Typography_regular__WeIG6 Typography_colourInherit__dfnUx\" data-component=\"Typography\">A render showing what the Bell Bay Firmus project could look like. (Supplied)<\/p>\n<p class=\"paragraph_paragraph___QITb\">Firmus&#8217;s other new Tasmanian proposal, at Wesley Vale in the north-west, has faced even bigger hurdles.<\/p>\n<p class=\"paragraph_paragraph___QITb\">The company accidentally revealed <a class=\"Link_link__kR0xA Link_link__5eL5m ScreenReaderOnly_srLinkHint__OysWz Link_showVisited__C1Fea Link_showFocus__ALyv2\" href=\"https:\/\/www.abc.net.au\/news\/2026-07-22\/tasmania-firmus-ai-data-centre-plan-to-use-irrigation-water\/106935718\" data-component=\"Link\" data-uri=\"coremedia:\/\/article\/106935718\" rel=\"nofollow noopener\" target=\"_blank\">it wanted to use farmers&#8217; irrigation water to cool the facility<\/a> \u2014 something state-owned Tasmanian Irrigation said it wasn&#8217;t legally able to do. While Firmus only wanted a small amount of water, farmers were annoyed the company didn&#8217;t talk to them about it.\u00a0<\/p>\n<p class=\"paragraph_paragraph___QITb\">In the end, <a class=\"Link_link__kR0xA Link_link__5eL5m ScreenReaderOnly_srLinkHint__OysWz Link_showVisited__C1Fea Link_showFocus__ALyv2\" href=\"https:\/\/www.abc.net.au\/news\/2026-08-27\/firmus-truck-water-rainwater-cool-wesley-vale-ai-data-centre\/107083230\" data-component=\"Link\" data-uri=\"coremedia:\/\/article\/107083230\" rel=\"nofollow noopener\" target=\"_blank\">Firmus said it would just use rainwater and water it trucks in<\/a>. But the problems weren&#8217;t over yet.<\/p>\n<p class=\"paragraph_paragraph___QITb\">The local council, Latrobe, <a class=\"Link_link__kR0xA Link_link__5eL5m ScreenReaderOnly_srLinkHint__OysWz Link_showVisited__C1Fea Link_showFocus__ALyv2\" href=\"https:\/\/www.abc.net.au\/news\/2026-09-09\/six-new-confidential-data-centre-proposals-tasmania-revealed\/107131974\" data-component=\"Link\" data-uri=\"coremedia:\/\/article\/107131974\" rel=\"nofollow noopener\" target=\"_blank\">decided it didn&#8217;t want to determine the project&#8217;s fate.<\/a> It says the planning laws aren&#8217;t up to scratch to make a decision on projects of this scale. Instead, it would rather the state government assess it as a major project, where broader questions, such as Firmus&#8217; monumental energy needs for the three projects, can be considered.<\/p>\n<p class=\"paragraph_paragraph___QITb\">The project attracted more attention last month when Latrobe Council said <a class=\"Link_link__kR0xA Link_link__5eL5m ScreenReaderOnly_srLinkHint__OysWz Link_showVisited__C1Fea Link_showFocus__ALyv2\" href=\"https:\/\/www.abc.net.au\/news\/2026-09-26\/firmus-starts-development-work-without-permit-wesley-vale\/107198264\" data-component=\"Link\" data-uri=\"coremedia:\/\/article\/107198264\" rel=\"nofollow noopener\" target=\"_blank\">Firmus may have started development work at Wesley Vale without approval.<\/a><\/p>\n<p class=\"paragraph_paragraph___QITb\">Firmus says it was simply doing site maintenance permitted under its forest practices plan. Nonetheless, it&#8217;s agreed to pause work while the council investigates \u2014 a process that remains ongoing.<\/p>\n<p><img decoding=\"async\" alt=\"An excavator on a pile of dirt, behind a fence.\" class=\"Image_image__5tFYM ContentImage_image__DQ_cq\"  src=\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/10\/a206b996831acaed34ba0307961b9bff.jpeg\" loading=\"lazy\" data-component=\"Image\" data-lazy=\"true\"\/><\/p>\n<p class=\"Typography_base__sj2RP FigureCaption_text__zDxQ5 Typography_sizeMobile12__w_FPC Typography_lineHeightMobile20___U7Vr Typography_regular__WeIG6 Typography_colourInherit__dfnUx\" data-component=\"Typography\">Latrobe Council is investigating the work at Firmus&#8217;s Wesley Vale site. (Supplied: Erin Woodcock)<\/p>\n<p class=\"paragraph_paragraph___QITb\">Firmus&#8217;s most progressed Tasmanian facility in Launceston is also tracking behind schedule. It was <a class=\"Link_link__kR0xA Link_link__5eL5m ScreenReaderOnly_srLinkHint__OysWz Link_showVisited__C1Fea Link_showFocus__ALyv2\" href=\"https:\/\/www.abc.net.au\/news\/2025-07-02\/firmus-ai-factory-launceston-tasmania\/105481780\" data-component=\"Link\" data-uri=\"coremedia:\/\/article\/105481780\" rel=\"nofollow noopener\" target=\"_blank\">initially slated to be operational in the first half of this year<\/a>, but that&#8217;s been delayed to early 2027.\u00a0<\/p>\n<p class=\"paragraph_paragraph___QITb\">A government document states Aboriginal relics were found at the site, and construction was paused while Firmus sought approval to relocate them.<\/p>\n<p class=\"paragraph_paragraph___QITb\">Amidst last week&#8217;s chaos with the initial public offering, Firmus pulled out of its scheduled Thursday appearance at a federal parliament AI inquiry taking place in Melbourne.<\/p>\n<p class=\"paragraph_paragraph___QITb\">A detail in Firmus&#8217;s submission to the inquiry raised eyebrows. The company has publicised its commitment to underwrite double the amount of renewable energy that it uses, and has implied that would be in Tasmania. But its inquiry submission states <a class=\"Link_link__kR0xA Link_link__5eL5m ScreenReaderOnly_srLinkHint__OysWz Link_showVisited__C1Fea Link_showFocus__ALyv2\" href=\"https:\/\/www.abc.net.au\/news\/2026-10-10\/firmus-generators-epa-appeal-watchdog\/107247476\" data-component=\"Link\" data-uri=\"coremedia:\/\/article\/107247476\" rel=\"nofollow noopener\" target=\"_blank\">the new developments could be interstate.<\/a><\/p>\n<p>Government committed to Firmus through it all<\/p>\n<p class=\"paragraph_paragraph___QITb\">The Tasmanian government has been all aboard with Firmus since the beginning.\u00a0<\/p>\n<p class=\"paragraph_paragraph___QITb\">In the lead up to the state election in July last year, the <a class=\"Link_link__kR0xA Link_link__5eL5m ScreenReaderOnly_srLinkHint__OysWz Link_showVisited__C1Fea Link_showFocus__ALyv2\" href=\"https:\/\/www.abc.net.au\/news\/2025-07-02\/firmus-ai-factory-launceston-tasmania\/105481780\" data-component=\"Link\" data-uri=\"coremedia:\/\/article\/105481780\" rel=\"nofollow noopener\" target=\"_blank\">Liberals announced a &#8220;world-first AI factory zone&#8221;<\/a> in northern Tasmania where Firmus was building an AI data centre.\u00a0<\/p>\n<p class=\"paragraph_paragraph___QITb\">It wasn&#8217;t a funding promise, but a political commitment to Firmus and its ambitions.<\/p>\n<p class=\"paragraph_paragraph___QITb\">The Greens have led criticism of Firmus and the Tasmanian government&#8217;s unwavering support for the company.\u00a0<\/p>\n<p class=\"paragraph_paragraph___QITb\">To them, Friday&#8217;s news the company had to pull its initial public offering was not surprising. They say it&#8217;s reflective of questions and concerns raised about Firmus&#8217;s projects that haven&#8217;t been adequately addressed.<\/p>\n<p><img decoding=\"async\" alt=\"Three men in a white building, gesturing.\" class=\"Image_image__5tFYM ContentImage_image__DQ_cq\"  src=\"https:\/\/www.newsbeep.com\/au\/wp-content\/uploads\/2026\/10\/d9be74cfa98f1915e12377c28d9332f3.jpeg\" loading=\"lazy\" data-component=\"Image\" data-lazy=\"true\"\/><\/p>\n<p class=\"Typography_base__sj2RP FigureCaption_text__zDxQ5 Typography_sizeMobile12__w_FPC Typography_lineHeightMobile20___U7Vr Typography_regular__WeIG6 Typography_colourInherit__dfnUx\" data-component=\"Typography\">Jeremy Rockliff&#8217;s government has supported Firmus since it announced its Launceston AI data centre. (Supplied: Tasmanian government)<\/p>\n<p class=\"paragraph_paragraph___QITb\">Questions are now being asked about what the cancellation of the share market float means for Firmus&#8217;s announced projects.<\/p>\n<p class=\"paragraph_paragraph___QITb\"><a class=\"Link_link__kR0xA Link_link__5eL5m ScreenReaderOnly_srLinkHint__OysWz Link_showVisited__C1Fea Link_showFocus__ALyv2\" href=\"https:\/\/www.abc.net.au\/news\/2026-10-09\/tasmania-local-reaction-to-firmus-float-problems\/107246744\" data-component=\"Link\" data-uri=\"coremedia:\/\/article\/107246744\" rel=\"nofollow noopener\" target=\"_blank\">Firmus says its plans haven&#8217;t changed.<\/a> It says it has the money to go ahead with its projects, including in Tasmania.<\/p>\n<p class=\"paragraph_paragraph___QITb\">But the company has a long road ahead to convince investors and the public it can be trusted, and is worth embracing.<\/p>\n","protected":false},"excerpt":{"rendered":"Firmus Technologies has been the talk of the town after it was forced on Friday to pull the&hellip;\n","protected":false},"author":2,"featured_media":923624,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[256,254,255,64,63,10166,277395,277396,105],"class_list":["post-923623","post","type-post","status-publish","format-standard","has-post-thumbnail","category-artificial-intelligence","tag-ai","tag-artificial-intelligence","tag-artificialintelligence","tag-au","tag-australia","tag-data-centre","tag-firmus","tag-oliver-curtis","tag-technology"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/923623","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=923623"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/923623\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/923624"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=923623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=923623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=923623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}