This study presents a new step-up DC/DC converter for bipolar DC microgrids. This relies on utilising a new converter topology which offers bipolar DC outputs with the key features of boosting the input voltage and balancing the output voltages. In addition, the proposed converter can transfer power from output terminals to the input side which leads to energy saving. Due to the microgrid's loading conditions, different modes can be considered, and the operational principles are analysed in details. Applying the circuit average method, the small signal model of the proposed converter is derived. Then the appropriate controllers are designed considering the small signal model of the converter in each mode. Finally, a prototype of the proposed converter has been implemented in the laboratory, and the experimental results have verified the converter's ability to balance the bipolar DC grid's voltages and its capability of transferring power in various microgrid's conditions.