Good evening,

Renewables developer Ampyr Energy Global is set to become the sole owner of NSW’s 1000MWh Wellington battery energy storage system after agreeing to buy out co-investor Shell’s 50 per cent stake, as it shoots for a 20 per cent market share of Australia’s 16GW battery supply by 2030.

Ampyr Australia, whose Singaporean parent is backed by infrastructure investor Stonepeak, was able to lap up the stake via private negotiations with Shell. The duo began developing Wellington in 2022, which has ticked off all approvals and is preparing to kick off construction in July or August.

The battery’s first-stage, which will cost about $400 million to build, will see Ampyr turn on 600MWh by mid-2026 with the remaining capacity to follow in 2027.

Read the full story tomorrow and more on the Street Talk page.

• Singaporean suitor gatecrashes Bell Potter party at Selfwealth
• Escala sees Sydney power duo defect to rival HNW advice firm
• Zenith Energy upsizes debt refinancing to $1.8 billion-plus as bids loom
• Shipbuilder Austal shares in tailspin; Jarden, Walibi scoop up stock
• Western Asset puts Global Bond fund ‘under review’ as Brown exits

• Debt funds run wild on the ASX as equity funds go friendless
• Expect more big global mining deals, says former Anglo American chief
• Brisbane ‘ethical hackers’ bank $100 million payday from UK buyer
• Foxtel’s new owner Len Blavatnik makes a $10 billion bet on big sport

Two of Melbourne-based Escala Partners’ biggest revenue earners resigned last week and are headed to rival Koda Capital.

Private wealth advisers Tom Meagher and Mark Cooper, partners at the wealth management firm and based in Sydney, informed Escala’s co-chief executive Torty Howard of their plans to leave on Friday.

The Australian sharemarket notched its second record high of the week on Friday, capping the bourse’s best month since July.

The S&P/ASX 200 closed 0.5 per cent, or 38.6 points higher at 8532.3 – its largest weekly gain in five weeks. The index rose 4.6 per cent over January.

Click here for the latest equity market wrap.