A new device concept, called the dual MOS-gated thyristor (DMGT), is presented in this paper and analyzed with the aid of 2D numerical simulations. The structure includes a vertical thyristor, a floating ohmic contact (FOC), and two N-channel MOSFETs (M1 and M2) which are controlled by independent gates. It can be operated either in a thyristor mode or in an IGBT regime, which provides the device a low on-state voltage drop and a good forward biased safe operating area. When a positive bias is applied to the M1 gate, the structure operates in the thyristor mode with a low on-state voltage drop. On the contrary, when a positive bias is applied to the M2 gate, the structure operates in the IGBT regime with the saturated current controlled by the positive voltage applied to the M1 gate.