Complex III, also known as cytochrome bc1 complex, is a crucial component of the electron transport chain located in the inner mitochondrial membrane. It plays a key role in the process of oxidative phosphorylation by facilitating the transfer of electrons from coenzyme Q (ubiquinone) to cytochrome c while simultaneously pumping protons into the intermembrane space. This proton gradient generated by Complex III is essential for ATP synthesis, connecting its function to cellular respiration and energy production.