A novel high-frequency DC-to-DC power converter for high voltage and high power is introduced which features zero voltage switching (ZVS), operation at constant frequency, regulation by pulse width modulation (PWM), and low RMS current stress upon power switches. Its greatest attribute, in comparison with the full-bridge (FB-ZVS-PWM) converter, is that the voltage across the switches is half of the input voltage, This property is achieved due to the use of a three-level leg in place of the conventional two-switch leg. Operation, analysis, design procedure and example, and simulation are presented. A prototype operating at 100 kHz, rated at 600 V input voltage, and 1.5 kW output power and 25 A output current has been fabricated and successfully tested in the laboratory. The measured efficiency at full load was 93%.