Techno-economic analysis of advanced biofuel production based on bio-oil gasification

This paper evaluates the economic feasibility of a hybrid production pathway combining fast pyrolysis and bio-oil gasification. The conversion process is simulated with Aspen Plus® for a 2000 t d-1 facility. Techno-economic analysis of this fast pyrolysis and bio-oil gasification pathway has been conducted to assess the economic feasibility. A total capital investment of $438 million has been estimated and the minimum fuel selling price (MSP) is $5.6 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 situation