Tesla may have its eye on the utility business down the road, and it comes just as the world's learning more about the company's energy-management software, called Autobidder.
We'll start with the most intriguing part of the news in that Tesla has applied to become an electricity provider in the UK. The Telegraph this past weekend cited unnamed industry sources revealing the request comes as the company looks to introduce its Autobidder platform locally. What's Autobidder? Essentially, it allows battery farm owners and homeowners with solar panels to manage energy and turn their investment in renewable energy into a profitable venture.
At its core, Autobidder works like an automated stock trading software and revolves around the idea of a "distributed system," according to a report from Popular Mechanics on Monday. Anyone who's bought into the system devotes a little bit of excess energy from battery farms, solar panels or whatever energy source they may have back into the grid, and get paid for it. The idea is that everyone benefits, as one party may not need the energy currently, but perhaps some other party does.
The software's been running since 2017 at the Hornsdale Power Reserve in South Australia, essentiallyto supply energy to the area. It's had a good track record so far, according to the company, adding competition to the local energy market and driving down prices.
The UK could be the next stop for Tesla Energy's expansion as the company continues to diversify and plant seeds in the energy storage segment. The company did not immediately respond to a request for comment.