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A three-phase dc-dc converter based on the three-phase neutral point clamped (NPC) commutation cell is proposed, which is intended for use in applications where the energy from a medium dc bus voltage needs to be processed. In this paper, all six continuous conduction modes (CCMs) are described, presenting the main waveforms and equations. For the discontinuous conduction modes the main equations are also provided for a complete converter characterization. Experimental results for a 10 kW, 800 V input voltage, 200 V output voltage, 91% efficiency, 40 kHz laboratory prototype are also presented to verify the theoretical analysis carried out.