A system for driving an electric machine is provided. The system includes a power converter coupled to an input source and the electric machine. The power converter includes a leg (302) that includes a first string (304) and a second string (306). The first string (304) includes plurality of controllable semiconductor switches (S1-S4), a first connecting node (312) and a second connecting node (314). The first string (304) is operatively coupled across a first bus (308) and a second bus (310). The second string (306) is operatively coupled to the first string (304) via the first and second connecting nodes (312, 314). The second string (306) comprises plurality of switching modules. The switching modules include fully controllable semiconductor switches and energy storage devices. The system further includes a system controller configured to provide activation commands to the controllable semiconductor switches (S1-S4) and the switching modules such that energy stored in the energy storage device is provided to the electric machine when the electric machine is switched on for operation.