Energy, materials, and by-products, can be exchanged between companies, having positive effects in the form of improved resource efficiency, environmental benefits, and economic gains. One such energy stream that can be exchanged is excess heat, that is, heat generated as a by-product during, for example, industrial production. Excess heat will continue to play an important role in efforts to reduce greenhouse gas (GHG) emissions and improve energy efficiency. Using excess heat is therefore currently emphasized in EU policy as a way to reach EU climate targets.This thesis examines the opportunities of manufacturing industries to use industrial excess heat, and how doing so can positively affect industry, society, and the climate. Since different parts of the energy system are entangled, there is an inherent complexity in studying these systems and introducing excess heat in one part of the energy system may influence other parts of the system. This analysis has accordingly been conducted by combining studies from various perspectives, by applying both quantitative and qualitative methods and covering a broad range of aspects, such as technical possibilities as well as climate, policy, economics, and resource aspects.The results identify several opportunities and benefits accruing from excess heat use. Although excess heat is currently partly used as a thermal resource in district heating in Sweden, this thesis demonstrates that significant untapped excess heat is still available. The mapping conducted in the appended studies identifies excess heat in different energy carriers, mainly low-temperature water. Analysis of excess heat use in different recovery options demonstrated greater output when using excess heat in district heating than electricity production. Optimizing the trade-offs in excess heat used in a district heating network, heatdriven cooling, and electricity production under different energy market conditions while minimizing the system cost, however, indicated that the attractiveness of excess heat in district heating depends on the type of heat production in the system. Viewing excess heat as a low-cost energy source also makes it economically interesting, and creates opportunities to invest in excess heat-recovery solutions. Excess heat is often viewed as CO 2 neutral since unused excess heat may be regarded as wasted energy. The GHG mitigation potential of using excess heat, however, was found to be ambiguous. The appended studies demonstrate that using excess heat for electricity production or for applications that reduce the use of electricity reduces GHG emissions. The effects of using excess heat in district heating, on the vi other hand, depend on the energy market development, for example, the marginal electricity production and marginal use of biomass, and on the type of district heating system replaced. The interviews performed reveal that energy policy does influence excess heat use, being demonstrated both to promote and discourage excess heat use. Beyond national energy polic...