It is well-known today that batteries are indeed the main stumbling block to driving electric vehicles. In fact, the common issues related to lithium rechargeable cells can be summed up by one simple topic: cell equalization. Typically, a battery of a HEV consists of a long string of cells (typically 100 cells, providing a total of about 360 V), where each cell is not exactly equal to the others, in terms of capacity and internal resistance, because of normal dispersion during manufacturing. However, the most viable solution for this problem might not originate from mere changes in battery properties. The aim of this chapter is, first, to explain the role of power electronics based battery cell voltage equalizers and their role in improving cycle life, calendar life, power, and overall safety of EV/HEV battery energy storage systems.It is imperative that most studies related to energy storage systems (ESS) for HEV applications must follow a cost-conscious approach. For instance, taking into account that typical lithium batteries cost about $500/kWh [1] (or $250/kWh [2,3], if manufactured in high volumes), a typical 16 kWh battery, which provides about 80 km (50 miles) autonomy to a small vehicle (simulated and tested under the Federal Test Procedure, FTP driving pattern). This amounts to a surcharge of about $5,000 over the price of a standard vehicle, exceeding the reasonable budget for an medium consumer.Moreover, issues related to cycle life and the calendar life issues cannot be ignored. Depending on the intensity of usage, an average cobalt or manganese cathode Li-ion battery holds about 500 cycles of 80 % the capacity, before losing 20 % of its initial capacity [4]. If the battery is replaced at that point and the cost of electricity is added, the expenses rise to $0.1/km. Consequently, the existing scheme makes the EV option more expensive than the traditional gasoline based vehicle. Considering newer batteries based on lithium iron phosphate (LiFePO 4 ) chemistries, these numbers are slightly better, withstanding 1,000 cycles on current S. S. Williamson, Energy Management Strategies for Electric and Plug-in Hybrid Electric Vehicles,