| Abstract |
Investments into new energy solution systems, and for example into producing carbon-neutral fuels, are increasing, but tools for the capital investments' feasibility studies are limited. Various contemporaneous attempts to reduce the dependence on fossil energy sources are needed, and a power-to-x (P2X) solution, which is part of the hydrogen economy, can be seen as one opportunity. However, many hydrogen economy solutions have not yet been proven to be economically profitable, but they could be if the investment projects were considered from a broader perspective than from company level and an economic perspective. In previous research, a three-stage economic and technology emphasized feasibility study (FS) framework has been created, and the early results indicate that the P2X investments can meet economic feasibility with over 12% of the investor IRR, and could offer profitable solutions towards a carbon-neutral future. However, the framework did not recognize the full potential of P2X through sustainability, and therefore a new extended version of the framework is needed. The objective of the paper is to create an expanded sustainable feasibility study (SFS) framework from the FS framework to support the P2X investments. As a result, an SFS framework is created, considering the investment projects' feasibility beyond the economic perspective by adding all three dimensions of sustainability: economic, environmental, and social. The three stages of the framework are ecosystem profiling, business model description, and profitability modelling. This paper was made by utilizing the design science research (DSR) methodology and a literature review. |
