In the electron transport chain, protons are pumped from the mitochondrial matrix to the intermembrane space, and oxygen is reduced to form water.
The energy derived from the transfer of electrons through the electron transport chain is used to pump protons, as a result, an electrochemical gradient is generated, consisting of a proton gradient and a membrane potential.
The energy created by the formation of this gradient is then harnessed to form ATP as the protons travel down their gradient into the matrix through the ATP synthase channel.
The electron transport and ATP production occur simultaneously and are tightly coupled.
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