The world's petroleum reserves won't last forever, and their use for fuel increases greenhouse gas emissions that contribute to climate change. Renewable biomass is a promising alternative to petroleum-based products as a source for bioenergy and other bioproducts (e.g., value-added chemicals, food additives) but comprises only a minor portion of the world market. We describe a prototype portable fast pyrolysis unit made in Ontario as an example of an emerging biomass conversion technology. We also summarize the possible value-added chemical and biofuel uses of bio-oil. Challenges to commercializing this emerging technology are discussed.