In accordance with presently disclosed embodiments, a 5-switch power conversion circuit that improves the power conversion efficiency (PCE) of a DC-DC converter with a double chopper topology is provided. The power conversion circuit adds minimal complexity through an additional switch, while preserving the benefits of a 3-level boost converter topology. The disclosed power conversion circuit uses four switches that are arranged in a 3-level boost converter arrangement, and a fifth switch that is connected in parallel with two of the other switches. The fifth switch helps to reduce the conduction power losses through the DC-DC converter by providing a one-switch ON-state conduction path instead of a two-switch path during part of the DC-DC power conversion cycle.