Adding high-value products, such as carbon-based electrode materials for electrochemical energy storage, to the value chain of biorefinery may increase the profits of the whole concept. In this work, carbon-based supercapacitor electrode materials were produced by chemical activation (using KOH) of two fractions of bio-oil (aerosol and condensed) as well as bio-char precursors, all of them originally made from fast pyrolysis of stem wood from pine and spruce. The produced materials show a hierarchical porous structure, a high surface area (1300–1500 m2 g−1) and, almost double the specific capacitance (149–152 F g−1 @ 50 mA g−1) compared to commercially available activated carbon (79 F g−1 @ 50 mA g−1). The benefit of using bio-oils compared to biochar is having an electrode material almost free from metal impurities alongside marginally higher energy storage performance. Together with the material yield in the production chain (fast pyrolysis and activation), a normalized energy storage value was presented for each material that may be used in the future to select the best techno-economic route for the whole concept. © 2022 The Authors