Devil Resources Welcomes Firmus’ $505M Raise to Advance AI Infrastructure in Tasmania; Highlights Clean Energy Potential
Devil Resources Ltd has highlighted the strategic convergence of subsurface energy resources and AI infrastructure development in Tasmania following a US$505 million capital raise by Firmus, led by Coatue and NVIDIA.
Firmus’ Southgate AI project in Launceston is located within Devil Resources’ license footprint, reinforcing the region’s positioning as a combined energy production and high-demand consumption hub. The development underscores increasing alignment between clean energy supply and next-generation digital infrastructure.
Devil Resources’ exploration portfolio spans approximately 12,000 km² across Tasmania, targeting geothermal, natural hydrogen, and helium systems. The company’s strategy is centered on supplying dispatchable, baseload geothermal energy to energy-intensive industries, while positioning natural hydrogen and helium as high-value resources within industrial and chemical markets.
Management noted that geothermal energy remains the most viable solution for continuous power supply to AI infrastructure, while natural hydrogen is expected to retain higher economic value as a feedstock for downstream applications such as ammonia and methanol production.
Full press release is attached below:
Tasmania, Australia – [12 April 2026] – Devil Resources Ltd, a natural hydrogen, helium, and geothermal exploration company with more than 12,000 km² of licenses and area under application across Tasmania, today welcomed and congratulated Firmus on its USD $505 million capital raise led by Coatue and NVIDIA, highlighting the potential for subsurface clean energy to power AI infrastructure on the island.
Firmus’ flagship Southgate AI project in Launceston is located within the core of Devil Resources’ license footprint, reinforcing Tasmania’s emergence as a destination for energy-intensive, next-generation industries.
“Our geothermal strategy has always been built around the expectation that energy-intensive industries would come to Tasmania. Developments like Firmus validate that view—and we see clear potential to supply power to projects like this in the future.”
The scale of Firmus’ funding highlights increasing confidence in Tasmania as a platform for both digital infrastructure and clean energy development.
“A capital commitment of this size sends a strong signal. It reflects the same growing interest we’re seeing from investors as we advance financing for our exploration wells targeting geothermal, natural hydrogen, and helium.”
The company also noted the broader implications of AI-driven demand.“There is growing interest in using natural hydrogen to power AI infrastructure, and we are watching that closely. But for us, geothermal is the more logical solution for reliable, dispatchable, baseload energy.”
“Natural hydrogen is simply too valuable to burn in many cases. We believe it will command a higher price as a molecule—especially in ammonia and methanol markets—and we are already seeing partner interest in developing those opportunities locally in Tasmania.”
“That said, we remain open-minded. The rapid growth of AI will create new demand across multiple resources—including helium, which is a key part of our upcoming exploration program.”
About Devil Resources
Devil Resources is an exploration company focused on natural hydrogen, helium, and geothermal energy opportunities in Tasmania. With approximately 4,000 km² of granted natural hydrogen and helium exploration licences, the company is the fourth-largest holder of such licences globally. In total, Devil Resources holds around 12,000 km² of granted and applied-for exploration licences and is actively advancing plans for exploration drilling across multiple clean energy targets.
About Firmus
Firmus is an AI infrastructure company developing large-scale, grid-integrated AI facilities. Its flagship Southgate project in Launceston, Tasmania, is designed to support next-generation AI workloads through advanced energy integration and infrastructure solutions.
About Coatue
Coatue is a global technology-focused investment firm that invests in both public and private markets, with a strong track record of backing innovative companies in technology, infrastructure, and growth sectors.
About NVIDIA
NVIDIA is a global leader in accelerated computing and artificial intelligence, providing hardware and software platforms that power AI, data centers, and advanced computing applications worldwide.
