Renewable energy player Axiom Energy has withdrawn its prospectus and refunded more than $37 million to prospective shareholders after proposed changes to the excise position on diesel fuel were recommended by the federal Treasury.

Shareholders, including Richard Pratt's Thorney Investments and funds management firms Opis Capital and SG Hiscock, will get the money they put into Axiom back after a proposed change to the excise on diesel fuel from waste plastic stopped the company's float in its tracks.