High-temperature thermal energy storage in oxide particles at temperatures above 600°C can couple concentrated solar energy with high-efficiency thermal power cycles to provide dispatchable solar-driven electricity. Challenges remain in developing cost-effective primary heat exchangers, which require expensive alloys, to extract the high-temperature thermal energy from the particles to power cycle fluids, such as supercritical CO2 (sCO2) in recuperated Brayton cycles. To explore one pathway for cost-effective, high-temperature particle heat exchangers, the current study demonstrates a shell-and-plate, particle–sCO2 heat exchanger with narrow-channel fluidized beds coupled with micro-channel sCO2 flows in the heat exchanger walls. This study evaluates the feasibility of multiple parallel, narrow-channel fluidized beds in shell-and-plate particle–sCO2 HXs, to achieve high bed-wall heat fluxes at elevated temperatures. A reduced-order model simulates the narrow-channel, fluidized-bed particle–sCO2 heat exchanger to design the fluidized bed geometry, in terms of depth, height, and number of channels,for a nominal 40-kWth heat exchanger at particle and sCO2 inlet temperatures up to 600°C and 400°C respectively. The resulting shell-and-plate heat exchanger design operates with bubbling fluidization of the downward-flowing oxide particles to enhance bed-wall heat transfer. The heat exchanger core is fabricated with etched sCO2 micro-channels in thin wall plates that are diffusion bonded to spacer frames to form the shell-and-plate structure with 12 parallel, fluidized bed channels, 10.4 mm deep. The heat exchanger is tested at the National Solar Thermal Test Facility at Sandia National Laboratories with CARBOBEAD HSP particles at design particle flow rates of 0.20 kg s−1 and inlet temperatures up to 525°C. Results show that fluidization across multiple parallel channel beds can maintain uniform particle inventory with a common freeboard zone above the heat exchanger core. Bubbling fluidization improves particle–wall heat transfer coefficients but also increases axial dispersion of particle thermal energy, which lowers the log-mean temperature difference such that total heat transfer remains relatively constant to within ±10% over a broad range of fluidization gas velocities. The axial dispersion required particle and sCO2 flow rates to be increased by 25% over model-designed conditions to achieve the targeted 40 kWth, which indicates the importance of incorporating axial dispersion into heat exchanger design models and of deploying bed structures to suppress it. This study demonstrates the feasibility and preferred fluidizing gas conditions for particle heat exchangers for releasing high-temperature thermal energy storage systems.