In this paper, a new interleaved AC-DC converter with a reduced number of semiconductor components for high power energy storage applications is proposed. The interleaved structure reduces the AC side current ripple as well as increases the overall current rating. Moreover, the proposed switching pattern reduces switching and the developed controller provides reactive power control during both power flow directions. The proposed structure is simulated and analyzed using MATLAB/Simulink software, and a 3.5kW prototype of the system has been implemented in the Lab. The results confirm the performance of the proposed topology. There is a seamless transition between operation with different power factors and the current ripple is significantly reduced.