Alphabet Energy, a startup company, has built the world's most powerful thermoelectric generator running on waste heat. The generator also doesn't use fuel.

The thermoelectric generator emits less waste than power plants that lose about 40 to 80 percent of energy they burn to generate electricity.

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The generator will cut fuel consumption and reduce carbon emissions by three percent while also saving companies millions of dollars.

While three percent might not sound huge, air travel by comparison already accounts for two percent of worldwide carbon dioxide emissions.

This is also possible with the thermoelectric generator that makes use of the new thermoelectric material discovered recently at the University of Michigan. This material converts heat into electricity.

While the idea of using the material has been around for a while, it has never been implemented for general use because it costs so much. It's only been used in extreme situations like space travel.

Matt Sculin, CEO of Alphabet Energy, described what the technology can do. He said connecting the thermoelectric generator to an exhaust pipe of a 1,000 kilowatt generator can generate enough electricity to save 52,500 liters of diesel fuel a year.

This reduces usage by 2.5 percent, with more savings the smaller the engine gets.

He went on to say the first customers will probably oil, gas, and mining companies that use large generators to produce power in remote areas. The technlogy could save millions of dollars as there aren't a lot of things companies can do to reduce costs.

The system that Alphabet Energy uses is modular. This means it can be scaled up to make use of larger amounts of heat for energy.

The company is also developing another thermoelectric material based on silicon wires that could convert higher percentages of energy in waste heat to electricity.

TagsAlphabetEnergy, Thermoelectric, Matt Sculin