This study explored the suitability of simulation tools for accurately predicting fluidized bed gasification in various scenarios without disturbing the operational system, and dedicating time to experimentation, in the aim of benefiting the decision makers and investors of the low-carbon waste-based bioenergy sector, in accelerating circular bioeconomy solutions. More specifically, this study aimed to offer a customized circular bioeconomy solution for a rice processing residue. The objectives were the simulation and economic assessment of an air atmospheric fluidized bed gasification system fueled with rice husk, for combined heat and power generation, by using the tools of Aspen Plus V9, and the Aspen Process Economic Analyzer. The simulation model was based on the Gibbs energy minimization concept. The technological configurations of the SMARt-CHP technology were used. A parametric study was conducted to understand the influence of process variables on product yield, while three different scenarios were compared: (1) air gasification; (2) steam gasification; and (3) oxygen-steam gasification-based scenario. Simulated results show good accuracy for the prediction of H2 in syngas from air gasification, but not for the other gas components, especially regarding CO and CH4 content. It seems that the RGIBBS and Gibbs free minimization concept is far from simulating the operation of a fluidized bed gasifier. The air gasification scenario for a capacity of 25.000 t/y rice husk was assessed for its economic viability. The economic assessment resulted in net annual earnings of EUR 5.1 million and a positive annual revenue of EUR 168/(t/y), an excellent pay out time (POT = 0.21) and return of investment (ROI = 2.8). The results are dependent on the choices and assumptions made.