A multi-level power converter for one or more phases includes one or more converter arms including a plurality of serial connected switching cells. Each switching cell includes a plurality of switching devices, a primary energy storage, a secondary energy storage and a first inductor. The switching devices are arranged to selectively provide a connection to the primary energy storage, wherein each switching cell includes a bridge circuit including the switching devices and the primary energy storage, a battery circuit connected to the bridge circuit and including the secondary energy storage, and an arm circuit providing a connection between two adjacent switching cells. The first inductor of each switching cell is arranged in the arm circuit.