A stacked, embossed plate heat exchanger (10) is provided for transferring heat between a first fluid flowing in a plurality of U-shaped flow paths (12) through the heat exchanger (10) and a second fluid flowing in a plurality of U-shaped flow paths (14) through the heat exchanger (10). Embossed beads (44) and (46) are provided in each of the plates (18A,18B) and are embossed on opposite sides of the plate (18A,18B) to mate with corresponding ones of the beads (44) and (46) on adjacent plates (18A,18B) to define the respective U-shaped flow paths (12,14).