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 that includes a first and second string. The first string includes plurality of controllable semiconductor switches, a first and second connecting node. The first string is operatively coupled across a first and second bus. The second string is operatively coupled to the first string via the first and second connecting node. The second string 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 and the switching modules such that energy stored in the energy storage device is provided to the electric machine when the machine is switched on for operation.