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# Nvidia-backed AI company scraps biggest float since Telstra
- URL: https://www.bushletter.com/tasmania-s-epa-joins-tascat-appeal-over-firmus-diesel-generators/
- Published: 2026-10-12T03:00:00.000Z
- Updated: 2026-10-13T08:46:14.000Z
- Description: Tasmania's environment watchdog has applied to join Firmus's tribunal appeal, arguing wider diesel generator use would change the environmental risks assessed before approval.
- Author: Bushletter Newsroom
- Tags: Business, Australia, Firmus Technologies

TLDR

Firmus Technologies abandoned its planned ASX listing on 9 October 2026, walking away from what would have been Australia's largest float since Telstra in 1997\. A day later, Tasmania's EPA board applied to join the company's tribunal appeal, saying it had been told the company's 276 diesel generators would run far less often.

## Float pulled, regulators move

Firmus Technologies withdrew its application to list on the ASX on 9 October 2026, citing recent market volatility and prevailing market conditions, and said it would pursue private market funding instead, shifting its fundraising plans away from the public sharemarket after withdrawing the listing application.[\[1\]](https://www.abc.net.au/news/2026-10-09/firmus-float-gets-pulled-following-lacklustre-investor-demand/107246230?ref=bushletter.com) The float had been pitched at $11 a share, valuing the AI data centre developer at about $44 billion, which would have been the largest ASX listing since Telstra's in 1997.[\[1\]](https://www.abc.net.au/news/2026-10-09/firmus-float-gets-pulled-following-lacklustre-investor-demand/107246230?ref=bushletter.com)

Firmus said it would provide additional information to shareholders as those options progress, with future updates to cover the private market funding options now being pursued. The company, founded by co-chief executives Oliver Curtis and Tim Rosenfield and backed by NVIDIA, lodged its prospectus with the Australian Securities and Investments Commission on 25 May 2026.[\[3\]](https://investorpa.com/announcement-pdf/20260525/296285.pdf?ref=bushletter.com)

## EPA challenges generator approvals

Tasmania's Environment Protection Authority board has applied to the Tasmanian Civil and Administrative Tribunal to join Firmus's appeal against conditions placed on the use of 276 diesel generators at its data centre sites.[\[2\]](https://www.abc.net.au/news/2026-10-10/firmus-generators-epa-appeal-watchdog/107247476?ref=bushletter.com)

In a submission dated 7 October 2026, the EPA board said it was originally informed that the generators would be used only for emergencies such as power failures, with regular operation confined to weekly tests of less than two hours, annual load assessments and utility outage events.[\[2\]](https://www.abc.net.au/news/2026-10-10/firmus-generators-epa-appeal-watchdog/107247476?ref=bushletter.com) The board said Firmus's appeal to vary those conditions told a different story about the operating limits the company now sought for the generators.

The EPA board said seeking to enlarge the use of the diesel generators post-approval undermines the board's determination and changes the environmental risk profile posed by the activity, compared with the limited use described before approval.[\[2\]](https://www.abc.net.au/news/2026-10-10/firmus-generators-epa-appeal-watchdog/107247476?ref=bushletter.com) Firmus declined to comment.[\[2\]](https://www.abc.net.au/news/2026-10-10/firmus-generators-epa-appeal-watchdog/107247476?ref=bushletter.com)

## Renewables pledge under scrutiny

Under development approvals at its Launceston, Long Reach and Wesley Vale sites, Firmus committed to underwrite new renewable energy projects to power its data centres as part of the energy supply arrangements for the developments. A submission Firmus made to the federal joint select committee on artificial intelligence said those promised renewables may "not necessarily" be built in Tasmania.[\[2\]](https://www.abc.net.au/news/2026-10-10/firmus-generators-epa-appeal-watchdog/107247476?ref=bushletter.com)

Hydro Tasmania said the new renewable projects it was considering as part of its assessment were all located in Tasmania, in line with the Tasmanian government's expectations that data centres in the state support new on-island energy generation.[\[2\]](https://www.abc.net.au/news/2026-10-10/firmus-generators-epa-appeal-watchdog/107247476?ref=bushletter.com)

The TASCAT appeal proceedings are ongoing while the dispute over the conditions remains before the tribunal. The EPA board's application to join them will be determined by the tribunal, which hears appeals under the Environmental Management and Pollution Control Act 1994.[\[2\]](https://www.abc.net.au/news/2026-10-10/firmus-generators-epa-appeal-watchdog/107247476?ref=bushletter.com)

KEY TAKEAWAYS

01Firmus withdrew its ASX float at $11 a share, abandoning a $44 billion valuation and will now seek private capital.

02Tasmania's EPA board has applied to join Firmus's TASCAT appeal.

03The EPA said it was told the 276 generators would run only for emergencies and weekly tests under two hours.

04Expanded generator use 'undermines the Board's determination', the EPA said in its 7 October submission.

05A Firmus federal committee submission said promised renewables may 'not necessarily' be built in Tasmania.

This article contains analysis and commentary on market conditions. It does not constitute financial, investment, or professional advice. Past performance is not indicative of future results. Always consult a qualified adviser before making financial decisions.

SOURCES & CITATIONS

1. [Firmus float pulled after lacklustre investor demand](https://www.abc.net.au/news/2026-10-09/firmus-float-gets-pulled-following-lacklustre-investor-demand/107246230?ref=bushletter.com)
2. [Firmus generators EPA appeal watchdog](https://www.abc.net.au/news/2026-10-10/firmus-generators-epa-appeal-watchdog/107247476?ref=bushletter.com)
3. [Firmus Technologies prospectus, 25 May 2026](https://investorpa.com/announcement-pdf/20260525/296285.pdf?ref=bushletter.com)

FREQUENTLY ASKED QUESTIONS

Why did Firmus pull its ASX listing?

Firmus cited recent market volatility and prevailing market conditions as reasons for withdrawing its application, and said it would seek private market funding instead.

What are the 276 diesel generators used for?

According to the EPA board's submission, Firmus originally told regulators the generators would be used only for emergencies such as power failures, with weekly tests of under two hours. The EPA says Firmus's appeal seeks to expand that use significantly.

Will Firmus build renewable energy projects in Tasmania?

A Firmus submission to a federal committee said promised renewables may 'not necessarily' be built in Tasmania. Hydro Tasmania said any projects it was assessing were all located in the state, consistent with government expectations.