System and method for allocating load power drawn from multiple batteries for powering propulsion of a vehicle. The system includes: high-energy and high-power batteries respectively designed for optimal production of DC power during high-specific-energy and high-specific-power propulsion; and battery health management systems configured to monitor state of charge and state of health of the batteries and generate battery status signals. The system further includes a propulsion load configured to produce propulsion force using power converted from power generated by at least one of the batteries and a system controller configured to allocate load power drawn from the high-energy and high-power batteries for use by the propulsion load in dependence on a propulsion phase of the vehicle and the battery status.