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The ambitious CO₂ emission reduction targets for the transport sector set in the Paris Climate Agreement require low-carbon energy solutions that can be commissioned rapidly. The production of gasoline, kerosene, and diesel from renewable methanol using methanol-to-olefins (MTO) and Mobil’s Olefins to Gasoline and Distillate (MOGD) syntheses was investigated in this study via process simulation and economic analysis. The current work presents a process simulation model comprising liquid fuel production and heat integration. According to the economic analysis, the total cost of production was found to be 3409 €/tfuels (273 €/MWhLHV), corresponding to a renewable methanol price of 963 €/t (174 €/MWhLHV). The calculated fuel price is considerably higher than the current cost of fossil fuels and biofuel blending components. The price of renewable methanol, which is largely dictated by the cost of electrolytic hydrogen and renewable electricity, was found to be the most significant factor affecting the profitability of the MTO-MOGD plant. To reduce the price of renewable fuels and make them economically viable, it is recommended that the EU’s sustainable transport policies are enacted to allow flexible and practical solutions to reduce transport-related emissions within the member states.

This thesis gives an overview of the research that has been conducted studying major risk-factors (size, value, profitability, momentum, investments) and Fama-French asset pricing models. Aim of this thesis is to study changes in major risk factors at the U.S. equity markets after the global financial crisis. The empirical part of this thesis uses three 120-month periods of daily data, focusing mainly on changes between the 120 months before and after the global financial crisis using the end of 2008 as a breakpoint for data. Also, the performance of the Fama-French five-factor model is evaluated in three different periods, revealing information on how the model works with various samples of data. Research set up follows mainly similar approach as in Fama and French asset-pricing studies by using portfolio sorts of different characteristics and portfolios that mimic risk factor returns. This thesis adds to the existing literature by evaluating three short periods of 120-months and comparing relative changes on these periods. The main focus is comparing risk-factor coefficients, risk factor return patterns, and performance of the Fama-French five-factor model in (01/1999–12/2008) data sample to (01/2009–12/2018) data sample in the U.S. equity market. The third period is used to control and point the magnitude of changes after the financial crisis. Results of the empirical part of this thesis reveal significant differences in risk-factors after the financial crisis. Previously discovered risk-factor return patterns disappear in the period after the financial crisis. This change is significant as clear and strong patterns of risks factor effects in average returns can be seen in the first two periods. Regression tests reveal clear trends in risk-factors coefficients. Profitability factor obtains explanatory power (importance) coming to the present day as the value factor loses explanatory power. Size factor gains on small firms’ categories but loses on big-si