Tokyo Electric Power Grid (TEPCO), a major utility company in Japan, is working with local mining rig manufacturer TRIPLE-1 to capitalize on excess power on its grid.

TEPCO formed a subsidiary called Agile Energy X aimed to create digital value out of the utility's excess power, including through cryptocurrency mining, in September. The two companies signed a memorandum of understanding with TRIPLE-1, a local hardware manufacturer to develop distributed data centers throughout the country that capitalize on excess renewable energy with TRIPLE-1's semiconductors, in a Wednesday press release.

(By Eliza Gkritsi)