This paper presents a dual motor drive system based on a multifunctional energy conversion system with energy storage. The proposed structure and control are directly applicable for a tandem compressor drive in heating, ventilation, and air conditioning (HVAC) systems adding an energy storage functionality. Based on the new structure, a multifunctional control scheme has been introduced to manage the charging/discharging of the energy storage and to regulate two capacitor voltages, which are inverter input voltages, simultaneously. Two independent sensorless adjustable speed motor drives, which are connected to the two capacitors, are controlled in real time for HVAC applications. Simulation and experimental results verify that the proposed structure and multifunctional control scheme are able to control both the two inverter input voltages and the charging/discharging current of energy storage for a dual motor drive system.