A liquid air energy conversion system is provided that recovers energy not by direct expansion of the liquid air stream, but rather by vaporization of the liquid air to form a first stream of very high pressure gaseous air via indirect heat exchange against a low pressure, cryogenic gas and subsequent sub-ambient or cold compression of the cooled, low pressure cryogenic gas to form a stream of moderate pressure gas. Both the stream of very high pressure gaseous air and the stream of moderate pressure gas are then warmed and expanded in one or more turbine expanders for production of shaft work and/or electrical energy.