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

The future of carbon capture and utilisation (CCU) processes, depend on (i) the future demand of synthesised products with CO2, (ii) the availability of captured CO2, (iii) the overall CO2 not emitted because of using the CCU process, and (iv) the economics of the plant. The current work analyses the mentioned statements through different technological, environmental and economic key performance indicators for producing formic acid from CO2, along with their potential use and penetration in the European context. The product is a well known chemical that has potential as hydrogen carrier and as fuels 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 (NPV) the price of the tonne of CO2 and of the tonne of product, are analysed to make the CCU project financially sustainable, which originally is unfeasible. According to our research, the processes represent a net saving of CO2 emissions, when compared to its corresponding conventional process. However, the success or effectiveness of the carbon dioxide utilisation process will also depend on other technologies and/or developments, like the availability of renewable electricity and steam.

PEREZ FORTES Maria Del Mar;  SCHONEBERGER Jan C.;  BOULAMANTI Aikaterini;  HARRISON Gillian;  TZIMAS Evangelos; 

2016-08-11

PERGAMON-ELSEVIER SCIENCE LTD

JRC98805

0360-3199,   

http://www.sciencedirect.com/science/article/pii/S0360319915313835,    https://publications.jrc.ec.europa.eu/repository/handle/JRC98805,   

10.1016/j.ijhydene.2016.05.199,