The thermoelectric effect is nothing new - it was discovered almost 200 years ago by Thomas J. Seebeck. If two different metals are brought together, then an electrical voltage can develop if one metal is warmer than the other. This effect allows residual heat to be partially converted into electrical energy.
Residual heat is a by-product of almost all technological and natural processes, such as in power plants and every household appliance, and the human body as well. It is one of the largest underutilised energy sources in the world - and usually goes completely unused.
Unfortunately, as useful an effect as it is, it is extremely small in ordinary metals. This is because metals not only have high electrical conductivity, but high thermal conductivity as well, so that differences in temperature disappear immediately. Thermoelectric materials need to have low thermal conductivity despite their high electrical conductivity.