Tesla has applied for a license to supply electricity in the UK, a British paper reported.
The purpose of the license from the energy regulator may be to introduce the company’s Autobidder platform, the Telegraph reported on Saturday, citing a company source.
The application did not make clear why Tesla has applied for the license, the paper said.
Autobidder is a platform for automated energy trading and is currently being operated at Tesla’s Hornsdale Power Reserve in South Australia.
Having built a significant battery business in recent years, Tesla is now preparing to enter the British market with its technology, the paper said, citing industry sources.
The company did not immediately respond to a request for a comment.
In 2017, Tesla built world’s largest lithium ion battery to help keep the lights on in South Australia.
Shares of Tesla fell 9 percent on Friday after CEO Elon Musk tweeted that the electric carmaker’s high-flying stock was overly expensive. “Tesla stock price is too high,” Musk said on Twitter.
Tesla is building its first European factory near Berlin and is targeting mid-2021 for the plant to start production.