This work describes the development of a thermoelectric generator whose thermoelements are made of a new thermoelectric material, FeSi2, an iron disilicide alloy. The originality of this work relies on the simplicity of the process by which the termoelements are obtained and also on the possibility to use a raw material with industrial purity grade, as opposed to conventional techniques which use costly materials, with a high degree of purity, and sofisticated process of fabrication. The alloy is obtained by a process of fusion in a vacuum induction type furnace. The geometric shape of the thermoelement is obtained by a process of sinterization. An annealing process garantees the formation of the Beta phase, thus assuring the existence of thermoelectric propertyes. The Seebeck coefficient proved to be dependent on the time duration of the annealing. As for the material developed, the P Type material presented an average Seebeck coefficient of 250 MV/K and the N type material, a coefficient of 75 MV/K, these figures qualify the materials for construction of thermoelectric generators. It is estimated that the manufacturing cost of the material developed reduced the cost of thermoelectric materials per watt of electricity generated from eight to two dollars. Preliminary experiments using the silk-scream technique in manufacturing of thermoelements seems to promise an even greater reducting in the manufacturing costs.