I. Introduction
Intermediate bus converters (IBC) are widely used in 48-V power distribution systems such as data centers, communication base stations, and electric vehicles. To power low-voltage devices in the system (e.g., CPU, GPU, and memory), a two-stage architecture is usually adopted, including an unregulated 48-to-12-V IBC as the first stage and a multi-phase buck converter as the second stage [1]. Note that there are also 12-V loads in the system (e.g., CPU fan, hard disk drive, automotive battery, etc.), which require the IBC to provide a regulated 12 V voltage. In this paper, a cascaded hybrid switched-capacitor (SC) converter is presented for regulated 48-to-12-V conversion with improved power density and efficiency.