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In recent trends of hybrid electric vehicle technology, selection and efficient utilization of electrical storage system is an important issue. In this paper power electronically controlled (DC-DC converter), Ultracapacitor-battery energy storage system is proposed which supply power to the BLDC motor to drive a vehicle. Whole system is simulated in MATLAB Simulink with input as vehicle drive cycle. Speed, Torque and power requirement of vehicle are calculated using vehicle dynamics and drive cycle information. Based on above calculation, selection of energy device will take place. Ultracapacitor is controlled through buck-boost converter to absorb/supply power from/to vehicle system under deceleration/acceleration mode. A new hybrid current control algorithm is proposed for boost mode operation to minimize voltage ripple at DC bus and to avoid chaotic mode operation under variable dc input voltage from Ultracapacitor as a function of load to the converter. A PI based BLDC motor controller is proposed with new topology to recharge Ultracapacitor efficiently under regenerative mode of operation.