A power converter may include a first power path having no energy storage and a second power path having substantial energy storage. The first and second power paths have first and second input waveforms that are complementary with respect to a source waveform. The first power path, which may be more efficient than the second path, may transfer as much power as possible from the input to the output. The energy storage enables the second power path to make up the difference between the power available from the source and the power drawn by the first power path, and to make up the difference between the power demanded by a load and the power supplied by the first path.