title: Techno-economic analysis of advanced biofuel production based on bio-oil gasification.
abstract: This paper evaluates the economic feasibility of an integrated production pathway combining fast pyrolysis and bio-oil gasification. The conversion process is simulated with Aspen Plus® for a 2000 metric ton per day facility. Techno-economic analysis of this integrated pathway has been conducted. A total capital investment of $510 million has been estimated and the minimum fuel selling price (MSP) is $5.59 per gallon of gasoline equivalent. The sensitivity analysis shows that the MSP is most sensitive to internal rate of return, fuel yield, biomass feedstock cost, and fixed capital investment. Monte-Carlo simulation shows that MSP for bio-oil gasification would be more than $6/gal with a probability of 0.24, which indicates this pathway is still at high risk with current economic and technical situation.
authors.affiliation: Industrial and Manufacturing Systems Engineering, Iowa State University, Ames, IA 50011, USA.
authors.forename: Qi
authors.initials: Q
authors.lastname: Li
authors.affiliation: Department of Mechanical Engineering, Iowa State University, Ames, IA 50011, USA.
authors.forename: Yanan
authors.initials: Y
authors.lastname: Zhang
authors.affiliation: Industrial and Manufacturing Systems Engineering, Iowa State University, Ames, IA 50011, USA; Bioeconomy Institute, Iowa State University, Ames, IA 50011, USA. Electronic address: gphu@iastate.edu.
authors.forename: Guiping
authors.initials: G
authors.lastname: Hu
mesh_terms: D056804:Biofuels / Q000191:economics*; D018533:Biomass; D003365:Costs and Cost Analysis / Q000191:economics; D005742:Gasoline / Q000191:economics*; D009010:Monte Carlo Method
chemical_list: D056804:Biofuels; D005742:Gasoline
keywords: Bio-oil gasification; Fast pyrolysis; Techno-economic analysis