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Highlights • Uncertainty in market prices drives financial outcomes. • Monte Carlo simulation allows uncertainty to be quantified. • Biochar-only production offers a potentially profitable venture. • Biofuel-biochar coproduction requires RINs to achieve financial success. Abstract A comparative techno-economic analysis of two different thermochemical biomass conversion pathways was conducted to examine the effects of fuel price and other variables on project financial performance. Monte Carlo simulation was used to quantify the effects of uncertainty and volatility of ten critical variables: biofuel, biochar and feedstock prices, discount rate, capital investment, labor cost, loan terms, feedstock drying, and biofuel and biochar conversion rates. Market prices for biofuel and biochar have the largest impact on net present value (NPV) of any variable considered, due in part to the high levels of uncertainty associated with future prices of both. Across the ranges of input values for these variables in simulation analysis, hearth-based pyrolysis biochar production had the highest likelihood of profitability with a mean NPV of $41.5 million and only 20% of outcomes resulting in a net loss, while 68% of outcomes for auger-based biochar-biofuel coproduction represented a financial loss, including a mean NPV of -$24.2 million. However, when additional revenue from Renewable Identification Numbers (RINs) credits generated by biofuel production is considered, financial outcomes of biochar-biofuel coproduction improve to 50% likelihood of experiencing a net loss. Findings of the very strong impact of market prices on financial outcomes, relative to other important technical and economic variables, can inform effective targeting of future renewable energy policy, as well as the design of future techno-economic analyses, which do not currently focus on the effect of market prices on profitability. [ABSTRACT FROM AUTHOR]

Biochar derived from orchid tree leaves is utilised as the fuel of a direct carbon solid oxide fuel cell (DC-SOFC), with yttrium stabilized zirconia (YSZ) as electrolyte and cermet of silver and gadolinium doped ceria (Ag-GDC) as the material of both cathode and anode, operating without any liquid medium or feeding gas. The performance of the DC-SOFC operated on the leaf char is higher than that operated on the best reported carbon fuel for DC-SOFCs, Fe-loaded activated carbon. XRD, Raman spectroscopy, SEM and EDX are applied to characterize the leaf char. It turns out that the leaf char is with porous structure and there is much Ca along with some K and Mg uniformly distributing in the leaf char. The effects of the naturally existing alkaline earth metal and alkaline metal and their distribution on the performance of the DC-SOFCs operated on the leaf char are analyzed in detail. [ABSTRACT FROM AUTHOR]