A circuit for converting DC to AC power or AC to DC power comprises a storage capacitor, boost and buck inductors and switching elements. The switches are controlled to steer current to and from the storage capacitor to cancel DC input ripple or to provide near unity power factor AC input. The capacitor is alternately charged to high positive or negative voltages with an average DC bias near zero. The circuit is configured to deliver high-efficiency power in applications including industrial equipment, home appliances, mobility devices and electric vehicle applications.