The paper is focused on the development and techno-economic assessment of a sustainable process for the production of valuable hydrocarbons from CO2 and H2O. With help of process modeling tools an advantageous and highly integrated process design is identified. The application of co-electrolysis for direct syngas production as well as the implementation of advanced heat integration concepts allow for an energetic efficiency of eta(en) > 0.6. Additionally, the amount of reactors and heat exchangers in the proposed process is reduced in comparison to other Power-to-X concepts. The high efficiency and the focus on valuable products like waxes is also beneficial for the economic feasibility of the process. The implications of product value as well as availability and costs of renewable electricity are discussed in the context of a potential market entry of Power-to-X technologies.