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Electrochemical Conversion of CO2

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Electrochemical Conversion of CO2 ( electrochemical-conversion-co2 )

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Figure 13. Value-added process improvements decrease the energy costs of the ECFORM process. However, if the use of consumable chemicals is decreased, for example through the use of electrolyte recovery processes and the utilization of alkaline waste water, then energy demands dominate the overall process economics (Figure 12). While the energy costs are increased, the reaction is more sustainable if renewable energy is used for the process. As is shown in Figure 13, the profit margins can be increased as energy costs are reduced. There is potential for additional revenues in utilizing the load leveling needs of the electric grid. These opportunities are called responsive ancillary services. For example, if energy- intensive processes such as ECFORM are used to regulate voltage from a wind energy facility, the processes gain additional revenues while being renewably powered. Figure 14. The difference between sales price and operational cost for ECFORM process (red numbers) under different scenarios (only energy costs are included – consumable costs are considered to be negligible). Additionally, revenues from carbon credits or avoidance of carbon tax may also aid in profitability. In this analysis, a carbon credit revenue of up to $50/ton does not alter the profitability substantially, but the combined revenues from carbon credits and energy management reduce the energy costs by 15 %. Four Scenarios for CO2 Conversion Four possible scenarios are envisioned for assessing the profitability of an electrochemical conversion process. This assessment does not consider capital expenditures or the time value of money. Also, the cost of consumables is considered to be negligible in comparison with energy costs. Finally, it is assumed that the formic acid resulting from the electrochemical process does not need further concentration, for example through distillation or 14

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