Recent advances in materials development, synthesis and manufacture have opened up applications for the large industrial scale exploitation of thermoelectics. The global market for thermoelectric technology will reach £49 billion by 2025. The UK, based upon its defined national competancies, is ideally placed to capitalise upon this rapidly growing market. The PROTEGE project will generate new business models in terms of materials supply, services, financing and power supply based upon waste heat conversion to electrical power. The study will explore a business model canvass and utilise business tools generated at INSEAD to create blue ocean strategies. The study will also adopt coneptual models that have worked in other similar sectors such as photovoltaics, district heating and solar thermal technologies. The project is based upon novel sulphide and silicide based materials and will be generate novel innovative business models for the supply and conversion of waste heat.