What is TEA in the renewable industries? Very simply, it is the acronym for techno-economic analysis. Bringing new technology to the market is a commitment. It’s expensive and normally takes quite some time. Uncertainty is a normal complication because a technology’s economic value often depends strongly on unknown results of future research and development, and on the variable prices of raw materials, utilities, labor, and products. To make skillful decisions on the road to market, one needs to understand the interactions of laboratory findings, engineering design, prices, capital costs, and operating costs. Put simply, one must have a tool that captures the best current understanding of the technology and translates it into economic value. This is the role of “techno-economic modeling and analysis”. By linking process and market parameters with economic values, techno-economic modeling enables quantitative analysis and objective decision-making. When it is combined with sensitivity analyses, like tornado diagrams and Monte Carlo analysis, this analysis offers a window to understanding the key factors that drive the economic value of the technology.
Among its 150+ experts, Lee Enterprises Consulting has a wide range of services in bioenergy, biomaterials and chemicals, biotechnologies, and feedstocks. We certainly have specialists in TEA (techno-economic analysis). In fact, our specialty services include other things like environmental & regulatory compliance, executive recruiting, expert witness engagements, intellectual property (IP) assistance, Life Cycle Analysis, RINs & Low Carbon Fuel Standard (LCFS), market studies, carbon credits, wildlife habitat matters, benchmarking, attestations, DOE Merit Review, BQ9000 Preparation, food safety & defense, Insurance selection & procurement, and process safety & management, to name a few.
Take a look at our experts and the services we provide. You will note that most of our experts are also available for ancillary engagements and advice, for specialty engagements like serving as expert witnesses in litigation matters. A good overview of our group is found in this video. Call us at 1+ (501) 833-8511 or email us for more information.