Here, a new ultra step‐up DC‐DC converter with a high voltage conversion ratio is proposed. The proposed topology is a dual input dual output structure with different output voltages, which makes it suitable for use in hybrid energy systems as well as supplying the traction motor in electric vehicles. The proposed converter can provide high voltage gain with a low duty cycle compared to other multi‐port converters. The lack of a transformer and coupled inductor not only makes the final volume of the suggested converter and manufacturing costs lower, but it also does not have the problems caused by the leakage inductance of the transformer. In addition, the average voltage stress on power semiconductors of the suggested topology is low. The proposed converter follows a simple switching pattern where all power switches are switched simultaneously with a gate pulse. Operation principles, voltage and current stress passing through the semiconductor elements, RMS current values of elements, and design considerations of the proposed converter are discussed in detail. Finally, experimental results of a 250 W laboratory prototype with 96.1% efficiency are used to validate the theoretical analysis.