A cooled power conversion assembly comprising: a first chamber; a second chamber at least partially separated from the first chamber; a housing inside which the first chamber and the second chamber are located; at least one first type device located in the first chamber; at least one second type device located in the second chamber; and cooling means comprising a first cooling element and a second cooling element, the first cooling element being adapted to transfer heat out of the first chamber and comprising a first portion located in the first chamber and a second portion located outside the first chamber, the second cooling element being adapted to transfer heat out of the second chamber and comprising a first portion located in the second chamber and a second portion located outside the second chamber, wherein the first cooling element is in direct heat transfer contact with the at least one first type device, and the second cooling element is in a heat transfer connection with the at least one second type device through a gaseous cooling medium, and the cooled power conversion assembly comprises a cooling channel extending through the housing, and cooling channel fan means for providing a cooling channel cooling medium flow between a first end of the cooling channel and a second end of the cooling channel, the second portion of the first cooling element being located at a first location in the cooling channel, the second portion of the second cooling element being located at a second location in the cooling channel upstream of the first location, and the cooled power conversion assembly is adapted to convert electric energy from one form to another, and a heat density of the at least one first type device is higher than a heat density of the at least one second type device, and the first cooling element comprises a heat pipe or a cooling fin, and the second cooling element comprises a heat pipe or a cooling fin. a first chamber; a second chamber at least partially separated from the first chamber; a housing inside which the first chamber and the second chamber are located; at least one first type device located in the first chamber; at least one second type device located in the second chamber; and cooling means comprising a first cooling element and a second cooling element, the first cooling element being adapted to transfer heat out of the first chamber and comprising a first portion located in the first chamber and a second portion located outside the first chamber, the second cooling element being adapted to transfer heat out of the second chamber and comprising a first portion located in the second chamber and a second portion located outside the second chamber, wherein the first cooling element is in direct heat transfer contact with the at least one first type device, and the second cooling element is in a heat transfer connection with the at least one second type device through a gaseous cooling medium, and the cooled power conversion assembly comprises a cooling channel extending through the housing, and cooling channel fan means for providing a cooling channel cooling medium flow between a first end of the cooling channel and a second end of the cooling channel, the second portion of the first cooling element being located at a first location in the cooling channel, the second portion of the second cooling element being located at a second location in the cooling channel upstream of the first location, and the cooled power conversion assembly is adapted to convert electric energy from one form to another, and a heat density of the at least one first type device is higher than a heat density of the at least one second type device, and the first cooling element comprises a heat pipe or a cooling fin, and the second cooling element comprises a heat pipe or a cooling fin.