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This paper presents a novel power conversion topology for systems, which include a boost and bidirectional converters to control the power flows between sources, batteries, and ultracapacitors. The proposed system (multimode single-leg power converter) substitutes the boost converter and bidirectional converter with a multifunctional bidirectional converter and has cost effectiveness and fault tolerance, preserving the same energy conversion functionalities of the conventional energy conversion system. To verify the performance of the proposed system, its operations are categorized and explained to four different modes. Then, each mode of the proposed system is simulated and implemented experimentally using a prototype test bed. The results present that the proposed conversion system is feasible and applicable for a wide range of applications including alternative/renewable power systems and electric vehicles (EVs).