In this paper an exergy analysis of thermochemical ethanol production from biomass is presented. This process combines a steam-blown indirect biomass gasification of woody feedstock, with a subsequent conversion of produced syngas into ethanol. The production process involves several process sections, including biomass drying and gasification, syngas cleaning, reforming, conditioning, and compression, ethanol synthesis, separation of synthesis products, and heat recovery. The process is simulated with a computer model using the flow-sheeting software Aspen Plus. The exergy analysis is performed for various ethanol catalysts, including Rh-based and MoS2-based (target) catalysts as well as for various gasification temperatures. The exergetic ...