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.
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NOTICE: This is the author's version of a work that was accepted for publication in Bioresource Technology. Changes resulting from the publishing process, such as peer review, editing, corrections, structural formatting, and other quality control mechanisms may not be reflected in this document. Changes may have been made to this work since it was submitted for publication. A definitive versionwas subsequently published in Bioresource Technology, 191, 2015, doi: 10.1016/j.biortech.2015.05.002.