A multi-level DC/AC converter, comprising: - a direct voltage input (5, 7; 105, 107) connectable to a direct voltage source (3; 103), with a first connection (5; 105) and a second connection (7; 107) between which an input voltage (Vi) can be applied, a neutral being positioned between the first and the second connection (7, 9; 107, 109); - a half-bridge with a first controlled switch (21; IGBT2) and a second controlled switch (25; IGBT3) between which an output of the converter is positioned; - a first connecting branch (15; 115) between the first controlled switch (21; IGBT2) and said first connection (5; 105) and a second connecting branch (17; 117) between the second controlled switch (25; IGBT3) and said second connection (7; 107), said first connecting branch (15; 115) and said second connecting branch (17; 117) connecting said half bridge to said input (5, 7; 105, 107); - a third controlled switch (59; IGBT1) associated to said first controlled switch (21; IGBT2), connectable in series to said first controlled switch to generate an output voltage exceeding a first limit value (Vi/2); - a fourth controlled switch (61; IGBT4) associated to said second controlled switch (25; IGBT3), connectable in series to said second controlled switch to generate an output voltage below a second limit value (-Vi/2); - a first voltage regulator (51; 151) associated to said third controlled switch (59; IGBT1) and a second voltage regulator (53; 153) associated to said fourth controlled switch (61; IGBT4); wherein said first voltage regulator (51;151) is positioned to regulate voltage across a first capacitor (63; 163) and said second voltage regulator (53;153) positioned to regulate voltage across a second capacitor (65; 165); wherein: said third controlled switch (59; IGBT1) is connected (55; 155) between a first plate of said first capacitor (63; 163) and said first controlled switch (21; IGBT2); and wherein said fourth controlled switch (61; IGBT4) is connected (57; 157) between a first plate of said second capacitor (65; 165) and said second controlled switch (25; IGBT3). - a direct voltage input (5, 7; 105, 107) connectable to a direct voltage source (3; 103), with a first connection (5; 105) and a second connection (7; 107) between which an input voltage (Vi) can be applied, a neutral being positioned between the first and the second connection (7, 9; 107, 109); - a half-bridge with a first controlled switch (21; IGBT2) and a second controlled switch (25; IGBT3) between which an output of the converter is positioned; - a first connecting branch (15; 115) between the first controlled switch (21; IGBT2) and said first connection (5; 105) and a second connecting branch (17; 117) between the second controlled switch (25; IGBT3) and said second connection (7; 107), said first connecting branch (15; 115) and said second connecting branch (17; 117) connecting said half bridge to said input (5, 7; 105, 107); - a third controlled switch (59; IGBT1) associated to said first controlled switch (21; IGBT2), connectable in series to said first controlled switch to generate an output voltage exceeding a first limit value (Vi/2); - a fourth controlled switch (61; IGBT4) associated to said second controlled switch (25; IGBT3), connectable in series to said second controlled switch to generate an output voltage below a second limit value (-Vi/2); - a first voltage regulator (51; 151) associated to said third controlled switch (59; IGBT1) and a second voltage regulator (53; 153) associated to said fourth controlled switch (61; IGBT4);