Australia-based AI cloud company Firmus has entered into a binding agreement to acquire HVAC and mechanical systems developer Benmax's "Fabrication, Design, and Projects" business.

The acquisition values Benmax's business at AU$300m (US$213.63m).

Benmax is the manufacturer behind Firmus' HyperCube modular data center solution, which enables Firmus to build AI compute capacity quickly.

Firmus states that the acquisition will bring "more of the AI factory value chain together" and is hoped to improve "deployment speed, capital efficiency and operating performance, supporting a lower cost of token production and reducing complexity."

The HyperCube modular solution is currently being deployed into Firmus' AI factory development in Tasmania, and is being adapted for the existing CDC facility in Melbourne being used by Firmus.

In Australia, Firmus delivers end-to-end AI Factory developments, while in Southeast Asia, HyperCube will be integrated into projects delivered with build partner DayOne.

Under the acquisition, Benmax's managing director Scott Polsen will join Firmus as chief development officer, and will also see Firmus' total workforce double to 340, significantly expanding its in-house engineering, manufacturing, project delivery and supply chain capabilities.

Firmus co-founder and co-CEO Oliver Curtis said: "Our ability to execute is everything. Bringing this capability into Firmus extends our vertically integrated AI Factory Platform across design, fabrication and project delivery, supporting our ability to continue innovating as we scale efficiently and responsibly. Scott is a unique operator, and the Benmax team has been instrumental in the evolution of the HyperCube platform."

Benmax managing director, Scott Polsen, added: "This is the culmination of years of designing, building, and refining the platform together. Every generation of the HyperCube has made the next one better, and now we're deploying it across multiple continents at the same time. It shows what's possible when you've got great people, Australian manufacturing and a shared vision. It's a proud milestone for our team and a powerful example of what advanced manufacturing can achieve."

Benmax designs, builds and maintains HVAC and mechanical systems for commercial and industrial buildings. The company was founded in Canberra in 1986.

Earlier this month, Firmus raised US$2 billion in a strategic equity investment round. Coatue and Nvidia participated in the round.