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The present paper is concerned with an evaluation of a piezoelectric energy conversion system in which two columns of piezoelectric ceramic disks are excited axially by means of thin metallic shims stacked alternately with the disks. Mechanical energy output is extracted through the expansion and contraction of the Columns. The treatment is based upon the equivalent circuit approach first suggested by Mason. A lever system is used in making the mechanical impedance transformation between the very high force and small displacement of the piezoelectric columns and the low force and relatively large displacement required for an artificial heart. The role of mass loading in improving the power capability and efficiency of the energy converter is clearly indicated. It is concluded that the theoretical energy output per unit mass of material per cycle and the efficiency of conversion are such as to justify a continued developmental effort.