Carbon Dioxide Utilization - DNV

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Figure 13. Value-added process improvements decrease the energycosts of the ECFORM process.Figure 14. The difference between sales price and operational cost forECFORM process (red numbers) under different scenarios (only energycosts are included – consumable costs are considered to be negligible).However, if the use of consumable chemicals is decreased,for example through the use of electrolyte recoveryprocesses and the utilization of alkaline waste water, thenenergy demands dominate the overall process economics(Figure 12). While the energy costs are increased, thereaction is more sustainable if renewable energy is usedfor the process.As is shown in Figure 13, the profit margins can beincreased as energy costs are reduced. There is potentialfor additional revenues in utilizing the load levelingneeds of the electric grid. These opportunities are calledresponsive ancillary services. For example, if energyintensiveprocesses such as ECFORM are used to regulatevoltage from a wind energy facility, the processes gainadditional revenues while being renewably powered.Additionally, revenues from carbon credits or avoidanceof carbon tax may also aid in profitability. In this analysis, acarbon credit revenue of up to $50/ton does not alter theprofitability substantially, but the combined revenues fromcarbon credits and energy management reduce the energycosts by 15 %.Four Scenarios for CO 2ConversionFour possible scenarios are envisioned for assessing theprofitability of an electrochemical conversion process.This assessment does not consider capital expendituresor the time value of money. Also, the cost of consumablesis considered to be negligible in comparison with energycosts. Finally, it is assumed that the formic acid resultingfrom the electrochemical process does not need furtherconcentration, for example through distillation or14
evaporation. The X-axis represents the price of theproduct made in the ECFORM process. This depends onmany factors, including the volume manufactured andmarket demands. The Y-axis represents the CO 2price,either through a trading scheme or a tax. The numbersrepresent different values of profitability (assumed as asimple difference between expected value of price minuscost) for the different scenarios. The cost is calculatedassuming an energy consumption of 3859 kW/ton formicacid. Electricity prices are assumed to range from $0.07/kWh to $0.15/kWh, with a peak frequency at $0.10/kWh.The energy cost therefore ranges from $270 to $578 perton of formic acid, with an average of $420 per ton offormic acid. For example, if the price of formic acid isassumed to be $1220/ton and the price of CO 2is $200/ton of CO 2(1 ton of formic acid reduces CO 2by almost 1ton), then operational profit is $1200+$200-$420 = $980per ton. Our analyses indicate that the simple margins(price minus the cost of manufacturing) are beneficial forthis process under the scenarios considered.15
Page 1 and 2: Carbon Dioxide UtilizationElectroch
Page 3 and 4: SummaryNature utilizes CO 2to produ
Page 6: Although there are many pathways fo
Page 10 and 11: ECFORM Reactor DemonstrationTesting
Page 12: Value Chain AnalysesAnalysis of the
Page 18: ReferencesGeneral Reading1. M.M. Ha

Carbon Dioxide Utilization - DNV

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