An energy efficient drive system is provided for use on typical injection molding machines whereby a single electric motor drives both the extruder screw and a hydraulic motor that continuously charges a hydraulic accumulator during the extrusion process. During the injection cycle, the charge in the accumulator is directed to stroke the extruder screw and inject melt into the mold cavities. Another embodiment utilizes a similar arrangement on the clamp mechanism of the injection molding machine whereby the charge in the accumulator is directed to hold the mold closed during the injection cycle.