467207 Techno‐Economic Analysis Activities for New Chemical Processes By Technology Readiness Level
As a tool for communicating a technology’s potential to VCs and other funding agencies, however, the depth of the techno-economic analysis must be consistent with the maturity of its core technology. In other words, concepts that have been well developed in the lab with no consideration given to scale-up challenges may be viewed as insufficiently de-risked. Similarly, a highly detailed analysis presented for a brand-new, unproven concept may be dismissed as too fanciful by inspection.
This talk outlines the techno-economic analysis activities that should be performed concurrent to R&D, using the framework of the Technology Readiness Level (TRL), a system adopted by several U.S. government agencies that provide research funding. The TRL framework ranks a technology’s progress toward commercialization on a numerical scale. For example, TRLs 1-3 may represent bench-scale activities, TRLs 4-6 pilot scale, and TRLs 7-9 demonstration and commercial scales. Expected R&D activities are defined at each rank, making it simple for startups to self-identify which TRL applies to them. This talk presents an additional set of definitions regarding the expected process engineering activities at each TRL: when to begin conceptual process design (and at what level of detail), grow process engineering capabilities (in-house or consulting), invest in expensive process simulation resources, and ultimately approach an EPC firm to begin plant construction.
See more of this Group/Topical: Topical Conference: Innovations of Green Process Engineering for Sustainable Energy and Environment