This paper proposes a new transformerless buck‐boost converter with an extended voltage conversion ratio. This converter has semi‐quadratic voltage gain, which provides more gain with lower duty cycles. This converter has a simple structure and easy implementation, which reduces the cost and increases efficiency. The proposed converter operates in continuous conduction mode and provides two operation modes by turning on and off the switches. The suggested converter has continuous input current and low input current ripple, which is important when utilizing renewable energy sources. The calculation of the proposed converter includes ideal and practical voltage gain, current calculations, voltage stresses of the switches and diodes, current stress of the switches, parameter design, efficiency, and a brief analysis of discontinuous conduction mode and boundary conditions. The proposed converter provides efficiency of about 93.1% in boost mode and 92.14% in buck mode at 50 W output power. The suggested converter varies the input voltage from 20 to 48 V in boost mode and changes the input voltage from 20 to 10.4 V in buck mode. Finally, a laboratory prototype has been built to prove and evaluate the simulation results and theoretical analysis of the proposed converter.