Known best for its electric vehicles, Tesla Inc TSLA is also growing its Tesla Electric business powered by virtual power plants and Tesla Powerwalls.
Tesla is getting close to becoming an energy retailer in a new market outside the United States.
What Happened: Residents in certain states can earn money by selling the energy they obtain and store using the Tesla Powerwall and virtual power plants.
Tesla has applied to become a “market customer” with the Australian Energy Market Operator according to a report from Electrek.
The move could be in preparation of launching Tesla Electric in the country.
The launch of Tesla Electric allows users of Tesla Powerwall to buy and sell electricity through the platform, which makes Tesla close to an energy retailer. Before the launch of Tesla Electric, customers were able to provide services to local electric utility companies in some cases.
Right now, Tesla Electric is only available in the state of Texas, but plans call for its expansion in areas that include the United Kingdom.
Related Link: Tesla Nearly Sells Out Inventory In This Country
Why It’s Important: Electrek reports that Australia has had lots of power issues over the years, which could make the country an ideal place for Tesla to roll out the service.
After learning of an unstable grid, high electricity costs and aging infrastructure, Tesla CEO Elon Musk put forth a call to “work harder” to help the country and the high utility costs that families face.
Tesla has launched several plans to install more Powerwalls in Australia, including those for low-income families.
With a large number of Powerwalls present in Australia, Tesla Electric could have a large number of potential customers if the service is launched in the region.
Australia is also a territory where Tesla has had strong demand for its electric vehicles.
The expansion of Tesla Electric could help continued efforts to diversify the company from being known simply as an electric vehicle leader, and help justify increased valuations for other business segments.
Read Next: Tesla Q2 Earnings Highlights: Revenue Beat, EPS Beat, Cybertruck Update And More
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