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This paper presents a technology review of voltage-source-converter topologies for industrial medium-voltage drives. In this highly active area, different converter topologies and circuits have found their application in the market. This paper covers the high-power voltage-source inverter and the most used multilevel-inverter topologies, including the neutral-point-clamped, cascaded H-bridge, and flying-capacitor converters. This paper presents the operating principle of each topology and a review of the most relevant modulation methods, focused mainly on those used by industry. In addition, the latest advances and future trends of the technology are discussed. It is concluded that the topology and modulation-method selection are closely related to each particular application, leaving a space on the market for all the different solutions, depending on their unique features and limitations like power or voltage level, dynamic performance, reliability, costs, and other technical specifications.