Formic acid synthesis using CO₂ as raw material: Techno-economic and environmental evaluation and market potential

The future of carbon dioxide utilisation (CDU) processes, depend on (i) the future demand of synthesised products with CO₂, (ii) the availability of captured and anthropogenic CO₂, (iii) the overall CO₂ not emitted because of the use of the CDU process, and (iv) the economics of the plant. The current work analyses the mentioned statements through different technological, economic and environmental key performance indicators to produce formic acid from CO₂, along with their potential use and penetration in the European context. Formic acid is a well-known chemical that has potential as hydrogen carrier and as fuel for fuel cells. This work utilises process flow modelling, with simulations developed in CHEMCAD, to obtain the energy and mass balances, and the purchase equipment cost of the formic acid plant. Through a financial analysis, with the net present value as selected metric, the price of the tonne of formic acid and of CO₂ are varied to make the CDU project financially feasible. According to our research, the process saves CO₂ emissions when compared to its corresponding conventional process, under specific conditions. The success or effectiveness of the CDU process will also depend on other technologies and/or developments, like the availability of renewable electricity and steam

Economic analysis of a combined energy-methanol production plant

The large-scale combined production of methanol and electricity from natural gas is simulated and evaluated from an economic point of view. Both capital and operating costs are considered. The proposed solution is based on steam methane reforming and consists of an once-through methanol synthesis followed by a power plant in which the unreacted gases are burned. Electricity is produced in a combined-cycle plant. It is supposed to add the energy production unit to an already existing methanol plant without decreasing the methanol production. The economic analysis shows that, given the low natural gas price in the Saudi Arabia context, the combined production ensures an increased annual revenue that allows a reasonable payout time for the added energy plant