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In this paper, a four-level DC/DC buck power converter is introduced. The primary application for this converter is to regulate the center capacitor voltage in a four-level inverter system. The steady-state and average-value models for the proposed converter are developed and compared in simulation. The converter was constructed in the laboratory and verified on a four-level motor drive system. It was shown that the four-level DC/DC converter provides capacitor voltage balancing and allows higher output voltage utilization from the inverter.