CoQ is the only component of the electron transport chain that is lipid rather than protein, and CoQ is the only component that is not anchored to the inner mitochondrial membrane. CoQ is so hydrophobic, in fact, that it usually shuttles back and forth laterally in the middle of the phospholipid bilayer without getting close to the polar phosphate groups on the edges of the membrane. CoQ picks up reducing equivalents from protein Complex I and protein Complex II and shuttles these "electrons" (as CoQH2 = QH2) to protein Complex III and then returns (as CoQ = Q) to get more reducing equivalents (the "Q cycle").
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