Many years ago a missing fundamental electrical element, the gyrator, was proposed based on transduction of magnetic flux and electric charge by Tellegen of Philips Research Laboratory. In fact, he conjectured the importance of magnetoelectric (ME) interactions in the gyrator’s realization. However, the gyrator characteristics were never found in a single electrical element, until recently by our research group. It is a 4-wire element that has important key characteristics that the other four fundamental circuit elements (capacitor, resistor, inductor, and transformer) do not have, which includes: (i) the ability to convert current directly into voltage, and vice versa, without power loss; and (ii) the ability to reflect the other network elements as their duals (capacitor to inductor, resistor to admittance, voltage source into current source, and vice versa). Here, we show the realization of some of the potential of this missing electrical element using ME heterostructures, with regards to applications as energy efficient I-V conversion.