NOVELTY - The system has a valve assembly (16) and a heat exchanger assembly (17). The valve assembly has a valve body (50) with an inlet (51), an outlet (59), and a valve plate (80). The valve plate allows the exhaust gas received by the valve body to flow into the heat exchanger assembly or a bypass conduit bypassing the heat exchanger assembly. The heat exchanger assembly comprises parallel internal cooling plates (100).    USE - System for recovering heat from exhaust gas of internal combustion engine of vehicle.    ADVANTAGE - Exhaust gas heat recovered by the system can be used for rapid warm-up of engine coolant to aid in faster windshield defrosting, improved heating, ventilation, and air conditioning performance for accelerated passenger cabin warm-up, and improved fuel economy by reducing viscous losses through heating of fluids such as engine oil and transmission fluid. The recovered heat can also be used for steam generation for power generation such as in Rankine cycle systems, or in generating electricity using thermoelectric devices. Regulation of exhaust flows through the bypass and heat exchanger allows for control over the amount of heat energy that is able to be recovered or extracted from the gases. Heat extraction can be minimized under high speed and or high load engine operating conditions so that excess heat does not have to be carried and rejected by the engine or vehicle cooling system, and damage or efficiency deterioration of the emissions device can be avoided, or the emission device can be quickly heated to optimal operating temperature if needed. Potential for internal exhaust gas leakage around the valve plate and through the heat exchanger core is low, avoiding unwanted exhaust gas flow from the valve plate into the core, and minimizing unwanted heat transfer. The system can be used as an independent or self-contained system that can be inserted into the exhaust gas stream when there is sufficient packaging space.    DESCRIPTION OF DRAWING(S) - The drawing shows the perspective, partly cross-sectional view of an exhaust gas heat recovery system with a heat exchanger core decoupled from the heat exchanger cover plates.    Valve assembly (16)    Heat exchanger assembly (17)    Valve body (50)    Inlet (51)    Outlet (59)    Valve plate (80)    Internal cooling plates (100)