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A promising feedstock for large‐scale production of sustainable jet biofuel is the inedible oilseed Brassica carinata (referred to simply as "carinata"), but transitioning to large‐scale fuel production entails significant economic uncertainty and requires substantial up‐front capital requirements for biorefinery construction. Furthermore, for carinata and other feedstocks attempting to compete within the established fossil jet fuel market, historically volatile aviation fuel prices affect the economic feasibility and return of biorefinery investments. In this study, we assess the impact of jet fuel price volatility on the return on investment in a carinata biorefinery employing a real options analysis (ROA). The key advantage of ROA over traditional net present value (NPV) analysis is that it simultaneously assesses the optimal timing for investments and the impact of jet fuel price dynamics on the likelihood of positive economic returns from investments in processing plants. Given the nonstationary nature of jet fuel prices and the presence of structural breaks, the price series are modeled as a geometric Brownian motion. Taking into account the volatility of jet fuel price, the ROA price threshold for a profitable investment is 45% greater than the NPV threshold. The ROA model identifies the necessary market conditions for a profitable investment and highlights the importance of considering market price dynamics before making substantial capital investments in a carinata biorefinery. [ABSTRACT FROM AUTHOR]

Brassica carinata or Ethiopian mustard, a non‐edible oilseed brassica, is a low carbon, purpose‐grown, and none‐to‐low indirect land‐use change bioenergy feedstock for the production of drop‐in sustainable aviation fuel, biodiesel, renewable diesel, and a suite of value‐added coproducts. Carinata oil converted to drop‐in fuel using an American Society for Testing and Materials approved Catalytic Hydrothermolysis process has been successfully tested in commercial and military aviation. Carinata meal, the residue after oil extraction, is a high‐protein feed supplement for livestock, poultry, and swine, and can also yield specialty products. The Southeast Partnership for Advanced Renewables from Carinata (SPARC) is a public–private partnership formed with a twofold mission: (1) Removing physical, environmental, social, and economic constraints that prevent regional intensification of carinata production as a low‐carbon feedstock for renewable fuel and coproducts and (2) demonstrating enhanced value across the entire value chain by mitigating risk to farmers and other stakeholders. The partnership's goal is to energize the US bioeconomy through sustainable agriculture and thus contribute to energy security and economic diversification. SPARC relies on a combination of cutting‐edge multidisciplinary research and active industry engagement to facilitate adoption of the crop. This involves informing stakeholders along the entire supply chain, from producers to end‐users, policymakers, influencers, and the public, about the opportunities and best practices related to carinata. This article provides context and background concerning carinata commercialization as a winter cash crop in the Southeast US for renewable fuels and bioproducts. The advances made to date in the areas of feedstock development, fuel and coproduct development, meal valorization, supply chain logistics, and stakeholder engagement are outlined. [ABSTRACT FROM AUTHOR]

The economics of the inedible oilseed crop Brassica carinata as a source of renewable fuels can be enhanced by converting its cellulosic biomass to value‐added chemicals, such as organic acids. We investigated the biochemical conversion of carinata biomass to propionic acid by first pretreating the carinata meal (CM), which is obtained after extraction of the oil from carinata seeds, with concentrated phosphoric acid to remove hemicellulose and gain access to the cellulose constituent of the meal. We then subjected the pretreated meal to enzymatic hydrolysis with cellulase enzyme to depolymerize cellulose to glucose. The overall conversion of carinata cellulose to glucose was 85%, which is promising. Finally, the recovered glucose was successfully fermented primarily to propionic acid using the bacterium Propionibacterium freudenreichii with a yield of 0.57 g of produced propionic acid per gram of consumed cellulosic glucose. The biobased propionic acid and other co‐produced organic acids can serve as renewable building blocks for manufacturing industrial chemicals and food preservatives replacing fossil‐derived organic acids. Hence, CM constitutes a renewable source of fermentable carbohydrates potentially improving the economics and sustainability of the carinata value chain. [ABSTRACT FROM AUTHOR]