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We present inverted metamorphic Ga0.3In0.7As photovoltaic converters with sub-0.60 eV bandgaps grown on InP and GaAs substrates. The compositionally graded buffers in these devices have threading dislocation densities of 1.3x10^6 cm^-2 and 8.9x10^6 cm^-2 on InP and GaAs, respectively. The devices generate open-circuit voltages of 0.386 V and 0.383 V, respectively, at a current density of ~10 A/cm^2, yielding bandgap-voltage offsets of 0.20 and 0.21 V. We measured their broadband reflectance and used it to estimate thermophotovoltaic efficiency. The InP-based cell is estimated to yield 1.09 W/cm^2 at 1100 degrees C vs. 0.92 W/cm^2 for the GaAs-based cell, with efficiencies of 16.8 vs. 9.2%. The efficiencies of both devices are limited by sub-bandgap absorption, with power weighted sub-bandgap reflectances of 81% and 58%, respectively, which we assess largely occurs in the graded buffers. We estimate that the thermophotovoltaic efficiencies would peak at ~1100 degrees C at 24.0% and 20.7% in structures with the graded buffer removed, if previously demonstrated reflectance is achieved. These devices also have application to laser power conversion in the 2.0-2.3 micron atmospheric window. We estimate peak LPC efficiencies of 36.8% and 32.5% under 2.0 micron irradiances of 1.86 W/cm^2 and 2.81 W/cm^2, respectively., Comment: 14 pages, 6 figures