The invention relates to a two-mode hybrid powertrain with two motor/generators. A hybrid electromechanical transmission connectable with multiple power sources for launching and propelling a vehicle includes an output member and a stationary member. The transmission also includes a first planetary gear set and a second planetary gear set. The power sources include an engine, a first motor/generator and a second motor/generator. The engine, the first motor/generator and the second motor/generator are each operatively connected with the first planetary gear set, and the output member and the second motor/generator are each operatively connected with the second planetary gear set. Thus configured, the transmission provides both a forward under-drive gear for launching the vehicle and a forward direct drive gear for propelling the vehicle at higher speeds.