We show that a huge thermoelectric effect can be observed by contacting a superconductor whose density of states is spin-split by a Zeeman field with a ferromagnet with a non-zero polarization. The resulting thermopower exceeds $k_B/e$ by a large fac
tor, and the thermoelectric figure of merit $ZT$ can far exceed unity, leading to heat engine efficiencies close to the Carnot limit. We also show that spin-polarized currents can be generated in the superconductor by applying a temperature bias.
