A lab-scale fluidized bed heat exchanger for waste gas heat recovery is devised and tested. Compared to our previous works on fluidized bed type system with a single riser, the present heat exchanger system is featured by its multiple (four) risers to handle increased amount of exhaust gas. Particles are introduced to the main hot gas stream alongside the pipe circumference near riser inlets. The heat exchanger performance and pressure drop are evaluated through experiments for the present gas-to-water heat exchanger system.