The fiscal year (FY) 2019 State of Technology (SOT) Assessment for a microalgae and woody biomass blend feedstock hydrothermal liquefaction (HTL) and biocrude upgrading system has been completed and reported here. This study is a preliminary economic analysis for this system. Inputs from the 2019 NREL open pond algae cultivation model provided microalgae seasonal flowrates and dewatered algae feedstock price. These inputs have been coupled with modeled experimental data from PNNL for algae/wood blends processed via HTL to assess the cost impacts. The TEA results demonstrated a 28% reduction in the conversion cost only from $1.22/gge in 2018 to $0.88/gge in 2019.