A circuit that converts an input voltage (Vbatt) to an output voltage (Vout), the circuit comprising: a voltage source for generating the input voltage, said voltage source being referenced to a first potential, a first stage voltage converter, comprising a buck stage with two transistors connected in series (412, 413), the high side transistor being connected to the input voltage, the low side transistor being referenced to a second potential, and a first inductor connected with a first terminal to the common point of the two series connected transistors (412, 413), wherein the first stage voltage converter further comprises a first capacitor at a first intermediate voltage (Vint1), said first capacitor being referenced to the first potential, and a control circuit configured to control the two transistors (412, 413) of said buck stage being part of a feedback loop of said first intermediate voltage (Vint1); a second capacitor at a second intermediate voltage (Vint2), said second capacitor being referenced to the first potential; a first transistor configured to couple the second terminal of said first inductor to the first capacitor when switched on; a second transistor configured to couple the second terminal of said first inductor to the second capacitor when switched on; a switch controller coupled to the first and second transistors (414, 419); a second stage voltage converter comprising: a second inductor; a third capacitor connected between the second terminal of the second inductor and referenced to the second potential; a third transistor configured to connect the first intermediate voltage (Vint1) to a first side of the second inductor when switched on; a fourth transistor configured to connect the second intermediate voltage (Vint2) to a first side of the second inductor when switched on; and a control circuit coupled to the third and fourth transistors for producing the output voltage. a voltage source for generating the input voltage, said voltage source being referenced to a first potential, a first stage voltage converter, comprising a buck stage with two transistors connected in series (412, 413), the high side transistor being connected to the input voltage, the low side transistor being referenced to a second potential, and a first inductor connected with a first terminal to the common point of the two series connected transistors (412, 413), wherein the first stage voltage converter further comprises a first capacitor at a first intermediate voltage (Vint1), said first capacitor being referenced to the first potential, and a control circuit configured to control the two transistors (412, 413) of said buck stage being part of a feedback loop of said first intermediate voltage (Vint1); a second capacitor at a second intermediate voltage (Vint2), said second capacitor being referenced to the first potential; a first transistor configured to couple the second terminal of said first inductor to the first capacitor when switched on; a second transistor configured to couple the second terminal of said first inductor to the second capacitor when switched on; a switch controller coupled to the first and second transistors (414, 419); a second stage voltage converter comprising: a second inductor; a third capacitor connected between the second terminal of the second inductor and referenced to the second potential; a third transistor configured to connect the first intermediate voltage (Vint1) to a first side of the second inductor when switched on; a fourth transistor configured to connect the second intermediate voltage (Vint2) to a first side of the second inductor when switched on; and a control circuit coupled to the third and fourth transistors for producing the output voltage. a second inductor; a third capacitor connected between the second terminal of the second inductor and referenced to the second potential; a third transistor configured to connect the first intermediate voltage (Vint1) to a first side of the second inductor when switched on; a fourth transistor configured to connect the second intermediate voltage (Vint2) to a first side of the second inductor when switched on; and a control circuit coupled to the third and fourth transistors for producing the output voltage.