Edit: Or maybe one of these bad boys? http://physicsworld.com/cws/article/news/2013/dec/09/new-gen...
Edit: Or maybe one of these bad boys? http://physicsworld.com/cws/article/news/2013/dec/09/new-gen...
But they tend to have low efficiency, thermally-dependent efficiency, and the need for a temperature differential. They operate in response to a temperature gradient, not just heat.
Using Wikipedia for a quick-and-dirty figure, you can expect efficiencies to peak around 5-8%. And you can't just stack infinite thermocouples until system efficiency reaches 99.99% because of the thermal gradient issue.
Ultimately, you don't even need thermocouples, you just need more heat engines with ever decreasing working fluid temperatures, and then it all comes down to your capital costs.
You can even make several layers of that, with thermal machines between the layers. As the number of layers increase, the efficiency of each one reduces, but the total work goes always approaching a constant assintote.