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dc.contributor.authorKern, Jordan D.
dc.contributor.authorHise, Adam M.
dc.contributor.authorCharacklis, William G.
dc.contributor.authorGerlach, Robin
dc.contributor.authorViamajala, Sridhar
dc.contributor.authorGardner, Robert D.
dc.date.accessioned2017-06-19T15:33:09Z
dc.date.available2017-06-19T15:33:09Z
dc.date.issued2017-02
dc.identifier.citationKern JD, Hise AM, Characklis GW, Gerlach R, Viamajala S, Gardner RD, “Using life cycle assessment and techno-economic analysis in a real options framework to inform the design of algal biofuel production facilities,” Bioresource Technology, 2017 February; 225:418-428. doi: 10.1016/j.biortech.2016.11.116.en_US
dc.identifier.issn0960-8524
dc.identifier.urihttps://scholarworks.montana.edu/xmlui/handle/1/13070
dc.description.abstractThis study investigates the use of “real options analysis” (ROA) to quantify the value of greater product flexibility at algal biofuel production facilities. A deterministic optimization framework is integrated with a combined life cycle assessment/techno-economic analysis model and subjected to an ensemble of 30-year commodity price trajectories. Profits are maximized for two competing plant configurations: 1) one that sells lipid-extracted algae as animal feed only; and 2) one that can sell lipid-extracted algae as feed or use it to recover nutrients and energy, due to an up-front investment in anaerobic digestion/combined heat and power. Results show that added investment in plant flexibility does not result in an improvement in net present value, because current feed meal prices discourage use of lipid-extracted algae for nutrient and energy recovery. However, this study demonstrates that ROA provides many useful insights regarding plant design that cannot be captured via traditional techno-economic modeling.en_US
dc.titleUsing life cycle assessment and techno-economic analysis in a real options framework to inform the design of algal biofuel production facilitiesen_US
dc.typeArticleen_US
mus.citation.extentfirstpage418en_US
mus.citation.extentlastpage428en_US
mus.citation.journaltitleBioresource Technologyen_US
mus.citation.volume225en_US
mus.identifier.categoryEngineering & Computer Scienceen_US
mus.identifier.doi10.1016/j.biortech.2016.11.116en_US
mus.relation.collegeCollege of Engineeringen_US
mus.relation.departmentCenter for Biofilm Engineering.en_US
mus.relation.departmentChemical & Biological Engineering.en_US
mus.relation.departmentChemical Engineering.en_US
mus.relation.universityMontana State University - Bozemanen_US
mus.relation.researchgroupCenter for Biofilm Engineering.en_US
mus.data.thumbpage9en_US


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