Techno-economic Assessments aka techno-economic analysis, or TEAs, are a tool used to aid decision-makers on the worth of investing time and money on the development, deployment, and/or acquisition of a specific technology. As the name implies, a TEA assesses the maturity of the studied technology, as well as its potential future economic viability. As with most analyses, a critical first step is a definition and agreement on the scope and objectives of the assessment. The scope of the TEA will be dependent on the reason the TEA is being conducted. If the TEA is being conducted on an early-stage R&D technology, the assessment will consider economic profitability and market analysis, in a less exhaustive manner and delve into more of the data from the R&D efforts, in an attempt to provide guidance on the required future directions and targets for the on-going R&D. If the TEA is being conducted on a successfully demonstrated technology, for the purposes of a potential acquisition, the analysis will review the technology development also, but will use more effort attempting to understand the key capital and operating costs, product markets and the project pipeline.
The technology assessment component of the TEA will typically include a quantitative assessment of the technology maturity, via assignment of a technology readiness level or TRL. In addition, the assessment will typically review the technology development history, technology strengths, weaknesses, and associated risks and will consider the potential development path(s) to get to successful commercial deployment of the technology.
Large renewable energy and biochemical consulting firms certainly have experts in the more common areas like bio and renewable fuels, biomaterials, biomass and biomass power, biomaterials, biochemicals, and biotechnologies. But, they also have expertise in a wide variety of specialty services like expert witness testimony, techno-economic analysis, due diligence, feasibility studies, budgeting, project management, technology assessment, insurance, due diligence, risk management, benchmarking, intellectual property, HAZOP, financial modeling, competitor analysis, and assistance with RIN and Low Carbon Fuel Standards (LCFS) matters. These firms should also be able to assist with other things like Aspen plus, logistics, bioreactor design, municipal solid waste remediation, syngas and bio-based product development, carbon credits, climate change analysis, environmental permitting, equipment sales, experimental validations, grant writing, IP strategy, life cycle analysis (LCA), plant operations, plant sales and auctions, risk analysis and Failure Mode and Effects Analysis (FMEA).
With over 150 consultants worldwide, Lee Enterprises Consulting has the diverse experts and geographical reach to assist in virtually any bioeconomy project. Look at our 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 a video about LEC here. Call us at 1+ (501) 833-8511 or email us for more information.
See our series on TEA:
Techno-Economic Analysis: What It Is.
Techno-Economic Analysis for Renewable Investors.
Techno-Economic Analysis for Project Developers.
Using Third Parties in Techno-Economic Analysis.
