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An open-winding power conversion system with two conventional six-switch voltage-source converters (VSC) affords operation with a lower volt-ampere (VA) rating of each device for a given power rating, as well as a degree of fault tolerance. The disadvantages of such a configuration include a higher total device VA rating and increased conduction loss as compared to a single Y/Δ-connected VSC. In certain ac-dc applications, such as telecommunications, wind, and aerospace generator drives, it is desired to have regulated input currents and output voltage, but regenerative operation is either not required or prohibited. For such applications, an alternative open-winding power converter is proposed in this paper where half-controlled converter (HCC) is employed at each end of an open-winding structure. The resultant total switch count and total VA rating are reduced by half, compared to using full bridges. Besides, the basic advantages of an open-winding configuration, use of HCCs also guarantees immunity to dc-bus shootthrough and simplifies the gate drive circuit. The total VA rating of the proposed topology is found to be 42% less than a six-switch VSC. The operating principle, control method, and analysis with simulation and experimental results of the proposed topology in both a grid-tied rectifier application and a PM generator application are illustrated in this paper.