A bi-directional flyback circuit includes a primary side switch that regulates the re-circulated energy to achieve substantially zero voltage switching (ZVS) and a secondary-side switch that regulates the output voltage. No feedback circuit between an output side and an input side of the bi-directional flyback circuit is needed for regulating the output voltage. The amount of recirculating energy required to achieve ZVS, and to maintain output regulation is kept substantially at a minimum.