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Tesla Applies to Become UK Electricity Provider: Report

Tesla Applies to Become UK Electricity Provider: Report

The application reportedly did not make clear why Tesla has applied for the licence.

By Reuters | Updated: 4 May 2020 11:38 IST

Tesla Applies to Become UK Electricity Provider: Report

In 2017, Tesla built world's largest lithium ion battery to help keep the lights on in South Australia

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Highlights

Telsa has applied for a licence to supply electricity in the UK
It may be looking to introduce its Autobidder platform
Autobidder is currently being operated in South Australia

US electric carmaker Tesla has applied for a licence to supply electricity in the United Kingdom, The Telegraph reported on Saturday. The purpose of the licence from the energy regulator may be to introduce the company's Autobidder platform, the report said, citing a company source. The application did not make clear why Tesla has applied for the licence, The Telegraph reported.

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, the carmaker 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, the carmaker 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 Chief Executive Officer 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 stock price is too high imo
— Elon Musk (@elonmusk) May 1, 2020

© Thomson Reuters 2020

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(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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