Liquefaction of macroalgae was performed in a stirred autoclave reactor using supercritical ethanol (scEtOH) as a solvent. There was a sharp transition in ethanol consumption during macroalgae liquefaction in scEtOH when the temperature was increased from 350 to 400 degrees C. At 350 degrees C, a small amount of ethanol (6 wt%) reacted with intermediates, while at 400 degrees C, 18 wt% of the ethanol was consumed. Taking into account this increased consumption of ethanol at 400 degrees C, the bio-oil yield decreased from 79.2 to 53.9 wt%, energy recovery from 202.5% to 72.2%, and energy efficiency from 111.6% to 62.7%. The produced bio-oil had a molecular weight of 398 g mol(-1), a HHV of 36.49 MJ kg(-1), an O/C ratio of 0.12, and a H/C ratio of 1.58. To confirm the unique role of scEtOH in biomass liquefaction, subcritical water (subH(2)O) and supercritical water (scH(2)O)-based liquefactions were carried out and the results compared with those obtained for scEtOH-based liquefaction. GC-MS results from the bio-oil produced with scH2O revealed the percentage area of compounds containing an ethoxy group to be as low as 20%, while this value reached 62% when using scEtOH. (C) 2016 Elsevier Ltd. All rights reserved.