Chemical Technology Assessment and Economic Analysis
Techno-economic modeling is that well-established process, which when developed in concert with technology, ensures that market-driven prices can be achieved. Typically, this is part of the “stage-gate” process in product development and related research.
Applying techno-economic modeling at the beginning of a project can greatly assist in reduction of unnecessary costs and investment risk. Such modeling provides cost and performance boundaries that actually assist in the creative process, i.e., forcing scientific teams to work within these confines leads to new thought processes and solutions.
MATRIC typically develops ASPEN Plus techno-economic models to specification, conducts process simulation modeling analysis studies, and provides model software programs, instructions, and reports for clients. These process models integrating technical, economic, and process engineering information are versatile and precise tools that serve as a common language across technical and financial fields, allowing:
- Definition of project scale and scope for economic value,
- Evaluation and comparison of alternative processes,
- Evaluation of alternative technologies for relative value,
- More informed project / process / technology decisions throughout the project,
- Providing a framework for test, analysis and a basis for continual process improvement,
- Evaluation of equity investment opportunity, returns, and risks,
- Sensitivity to changes in prices / efficiencies on project worth, and
- Calculation of credit requirements, risks, and conditions.
Using these models, MATRIC has been able to provide cost savings to customers by suggesting alternative processes or feedstocks, thereby significantly reducing capital and operational costs.