This paper proposes a new maximum power point tracking (MPPT) algorithm for thermoelectric generators (TEG). The new-presented method is based on implementing an indirect open circuit voltage detection and short circuit current estimation methods, which will be used to directly control the TEG interface power converter, resulting in reaching the maximum power point (MPP) in minimal number of steps. Two modes of operation are used in the proposed algorithm, namely the perturb and observe (P&O) method for fine-tuning and the transient mode for coarse tracking of the MPP during fast changes that occur to the temperature gradient across the structure. A novel voltage sensing technique as well is proposed in this work, to reduce the number of voltage sensors used to control and monitor the power converter. The proposed strategy employs a novel approach to sense two different voltages using the same voltage sensor. The input and output voltage information is collected from an intermediate point in the converter. The reconstructed voltages are used in the control loops as well as for monitoring the battery output or load voltages. Simulation and experimental results are provided to validate the effectiveness of the proposed algorithm and the sensing technique.