Controversial lightning rod Elon Musk is making major moves in the United Kingdom, as his electric car company Tesla looks to find new ways to diversify its income streams.

According to OFGEM, the U.K. energy regulator, Tesla has formally applied for a license to sell electricity to households and businesses across Britain.

Approval of that application could be a major boost for both Musk and Tesla, which has seen sales skid as Musk has become an increasingly polarizing figure in American politics.

Data published last week by the U.K.’s Society of Motor Manufacturers and Traders (SMMT) showed Tesla’s new car sales dropped by nearly 60% to 987 units last month, down from 2,462 a year ago.

In Germany, meanwhile, Tesla car sales fell to 1,110 units in July, down 55.1% from the same month in 2024.

The company continues to face stiff competition, particularly from Chinese EV manufacturers, and reputational damage from Musk’s incendiary rhetoric and fractious relationship with U.S. President Donald Trump’s administration.

The filing was submitted at the end of last month by Tesla Energy Ventures and signed by Andrew Payne, who oversees the company’s European energy operations.

If it is approved, it could clear the way for Tesla to join the ranks of retail energy suppliers in England, Scotland and Wales as early as next year.

The UK’s energy sector generates over $200 billion a year and a slice of that could be exactly what Musk is looking to use to shore up Tesla.

Tesla is already active in power generation and storage: The company develops rooftop solar systems and home battery products, and operates an electricity service in Texas called Tesla Electric, launched in 2022.

That service lets customers decide when they use power and rewards them for selling surplus energy back to the grid during peak demand, potentially lowering their bills or even earning them money. It’s a model Tesla appears poised to replicate in the U.K. market. The goal of this ecosystem is to have a Tesla in your driveway, Tesla solar panels on your roof, a Tesla Powerwall battery in your garage, and now, a Tesla electricity plan to manage it all. This license is the final, crucial piece of that puzzle.