The overall financial return on investment, FROI, can be calculated as:

(CC + OC + L)g + (CC + OC + L)p (CC + OC + L)r(CC + OC + L)d

(13)

where R is revenue (from bio-oil (BO), biomass fuel (BMF), and subsidies (S)), and the total investment is the sum of the capital costs (CC), operat­ing costs (OC), and labor costs (L) for growth (G), processing (P), refining (R), and distribution (D). To parallel the 2nd O EROI, the partial financial return on investment, PFROI, is defined as:

and is equivalent to the QA 2nd O EROI.

In Equation (14), RBO is revenue from bio-oil, RBMF is revenue from biomass fuel (methane), and OC is the operating cost for growth (G), pro­cessing (P), and refining (R). Capital, labor, fuel distribution, discounting, and potential subsidy revenue would need to be included to determine an overall FROI.