Utilizing energy storage elements such as a capacitive bank is an effective method to suppress the peak current demand of power converters, which is often several times higher than the average load. A converter capable of sinking and sourcing current is needed to interface between the energy storage equipment and the load. In prior art implementations, separate control loops are employed for the state of charge control and peak current control, which leads to a very complex system-level design. In this work, a novel method for simultaneously controlling the peak current and state of charge of a bus connected energy storage converter is introduced. The proposed solution is scalable and features robust performance over the required application operating range. The governing equations and model are provided. The proposed solution is implemented on a 48V/8kW power supply, using a multiphase buck regulator interfacing to a capacitive energy storage bank. Simulation and experimental results demonstrate the effectiveness of the proposed solution to suppress the peak input current by more than 60%.