This study presents a new power converter for switched reluctance motor-based drives. In comparison with the standard power systems, the proposed one allows reduction of the switching losses, especially in a low-speed range, as well as eliminates energy intake from source during the energy discharge process. As a result the efficiency of drive can be increased in the entire range of rotational speed. The computer model of the drive and a detailed study on relationships between the output power and the rotational speed for a sample two-phase motor-based drive are presented. To verify simulations results the measurements on the laboratory test-stand are carried out.