If we would be able to find a way to use all of the wasted energy then, then that would imply that the efficiency of the system will be 100% (Energy Output = Energy Input). Thermodynamically it is not possible to build a 100% efficient engine, because some part of the energy has to be used to get energy out of the system, these concepts are used to calculate the Gibbs Free Energy of the system. Gibbs Free Energy of the system is the total energy in the system which can be extracted and then converted to work.
The only way is we can increase the efficiency of the system by minimising the losses in a particular system.
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