The component count for the multilevel inverter has been a research topic for the last few decades. The higher number of power semiconductor devices and sources leads to a higher power loss with the complex control requirement. A new multilevel inverter topology employing the concept of half-Bridge modules is suggested in this paper. It requires a lower number of dc sources and power components. The inverter is controlled using a fundamental frequency switching scheme. With the basic unit being able to produce 13 level voltage waveforms with three dc voltage sources, higher-level inverter configuration has also been discussed in the paper. The performance of the topology is analyzed in the aspects of circuit parameters and found better when compared to similar topologies proposed in recent literature. The comparison provided in the paper set the benchmark of the proposed topology in terms of lower component requirements. The topology is also optimized with two voltage fixing algorithms for maximizing the number of levels for the given number of IGBTs, drivers and dc sources, and the observations are presented. The efficiency analysis gives the peak efficiency as 98.5%. The simulations were carried out using the PLECS software tool and validated using a prototype rated at 500 W. The results with several test conditions have been reported and discussed in the paper.