A compound energy co-generation system converts forestry, agricultural, and similar biomass to energy at the source farm. A working fluid reserve at the base is coupled with a boiler inlet. The boiler has a combustion chamber, a vertically rising exhaust stack, and a liquid jacket around the combustion chamber and rising from the working fluid reserve. The liquid jacket receives thermal energy from the combustion chamber and converts a portion of the liquid working fluid into a gas to create a dual-phase working fluid. A reciprocal fluid container, which in one embodiment is a piston and in another is a sealed and insulated container, receives the elevated liquid working fluid. The change in weight drives a power conversion system to convert lowering of the fluid container into electrical energy. Additional ordinarily wasted energy components are employed to perform useful work to improve overall efficiency.