The present invention relates to an energy conversion circuit comprising a switching stage with a positive DC voltage terminal (1), a negative DC voltage terminal (3), m−1 intermediate DC voltage terminals (2) m DC bus capacitors (5); and p linked cells consisting of m+1 switches (9) and at least one capacitor (10), connecting cell 1 to the positive DC voltage terminal (1), negative DC voltage terminals (3) and intermediate DC voltage terminals (2); and a multilevel converter, the output of which is connected to the AC voltage terminal (4), with a positive voltage terminal (12) and a negative voltage terminal (14) of the multilevel converter and m−1 intermediate voltage terminals of the multilevel converter (13), which are connected to the positive output terminal of the switching stage (6), to the negative output terminal of the switching stage (8), and to the m−1 intermediate output terminals of the switching stage (7), respectively.