[en] A new effective high current source of hydrogen or deuterium ions is proposed. The source is constructed as an undulator linear accelerator (UNDULAC) of ribbon high-power ion beams. In the undulator linac the acceleration is provided by a combination of nonsynchronous RF and electrostatic fields. It is important, that in UNDULAC both positive and negative ions can be accelerated simultaneously in a same bunch and the own space charge can be completely compensated. Focusing of an ion beam along the ribbon width is made by the curvature of the channel transverse boundaries and normally to the ribbon width the beams are focused by the transverse RF and electrostatic fields. Optimum parameters of a few typical schemes of UNDULAC having an output energy of about 1 MeV were calculated through a numerical simulation. Next the radiation quality of UNDULAC with optimized parameters was studied analytically and numerically. In the typical scheme the following optimum parameters were chosen: accelerator channel length 2.5 m, channel width 20 cm, maximum channel thickness 0.8 cm, input beam width 11.5 cm, input beam thickness 0.5 cm, initial beam energy 150 keV, input ion beam current up to 1.2 A, RF electric field amplitude 120-180 kV/cm, and electrostatic undulator field amplitude 100-150 kV/cm. It was found both theoretically and numerically that in the UNDULAC described the output energy of the deuterium beam is up to 1 MeV, the beam losses are about 10 %. The output cross-section of the accelerated ion beam has an approximately elliptical form. The studied undulator linac can be applied as a source of high energy light ions in many fields of experimental physics, biology, and industrial branches