As part of a technical due diligence effort, the team is often requested to perform a Technical Readiness Assessment. This will assign a score to the technology, known as the Technical Readiness Level (TRL). Originally developed by NASA in the 1970’s, it was adopted by the US DOD in the early 2000’s, followed by the European Space Agency, and then broader adaptation and application began across a wide range of industries and functions. It is one of several tools that can be used in a technical due diligence analysis of a new technology.
The original TRL had 7 levels, which was eventually expanded to 9 levels. The US DOE has created a template that is more suited to biotechnology and energy projects. (See the guide published here: Purpose (Style = HL2) (lbl.gov)) Levels 1 through 6 involve the development from technical feasibility through development followed by pilot scale validation and demonstration, while levels 7-9 involve full-scale demonstration and commercial qualification.
The assessment needs to be able to help quantify the amount of effort required to mitigate the risks identified and successfully implement a new technology. As with any tool, there are limitations, and this analysis needs to be considered along with other methods and tools as appropriate. As part of a technical due diligence effort Lee Enterprises Consulting can assist with TRL analyses, by adapting the recommended procedures to the technology evaluation at hand, and conducting a thorough review.
Lee Enterprises Consulting (LEC) offers a wide range of services in biofuels, biochemicals, biotechnologies, biomaterials, synthetic biology commercialization, feedstocks, and hemp/cannabis. The company has business and financial services like due diligence, feedstock availability, grants and loans and bio market research. The company also offers technical and engineering related services like techno economic analysis, environmental evaluations, feasibility studies, risk analysis and expert witness engagements. The company also has strategic partnerships in place to assist clients with insurance, legal, accounting, plant fabrication, feedstock procurement. With over 150 experts worldwide, Lee Enterprises Consulting also has experts in anaerobic digestion, fermentation, biomass, conversion technologies for things like tires and railroad ties, organic synthesis, fuel additives, ethanol gas, biodiesel fuel including algae biofuels, solid state and industrial fermentation, green energy grants, ag biotech, agricultural waste, alcohol fuels, alternative proteins and animal-free products, sustainable foods, beverage fermentation, biocatalysis, biodiesel conversion, biogas production, biomass power, carbon intensity, co2 utilization, combined heat & power, Fischer-Tropsch technology, food waste, hydrothermal carbonization, industrial enzymes, landfill management, microbial fermentation, organic synthesis, plastic pyrolysis, plastic recycling, plastic waste, pyrolysis oil, reactor design, renewable identification number, the Renewable Fuel Standard (rfs2), solid recovered fuels, torrefaction and torrefied biomass, waste to energy, and waste-to-hydrogen. This is a multidisciplinary group of green energy consultants that is a virtual “one stop shop” for any client need and handles projects of all types and sizes.
Look at our 150+ experts and the services we provide. Most of our experts are also available to advise and serve as expert witnesses in bioeconomy litigation matters. For the larger projects, we specialize in putting together full service, interdisciplinary teams with one point of contact. See video about LEC here. Call us at 1+ (501) 833-8511 or email us for more information.