A techno-economic model developed at the early stage of a project is an invaluable means of ensuring that the project is well focussed and ultimately economically viable. The techno-economic model can be a first pass, high-level review of the project's economics and feasibility, or can include a more detailed OPEX/CAPEX evaluation, pre-selection of process units, and critical evaluation of the technical risks associated with the project. The benefits include:
- Forcing the project team to think early on about the end goal and scope of the project.
- Enabling early identification of cost and revenue drivers.
- Providing early stage concept validation.
- Assisting in directing and planning cost-effective laboratory/pilot-scale test-work.
- Providing precursor information to bankable economic assessments