Abstract: A power conversion circuit comprising an input; an output; an electrical energy storage element having one side connected to the input; and at least two sub-circuits, wherein each respective sub-circuit is connected in series between the output and the other side of said electrical energy storage element; and wherein each said sub-circuit includes an inductive device, a rectifying element, and a controllable switching element connected in circuit therebetween to be capable of connecting the inductive device in parallel across the input; wherein the inductive elements of said at least two sub-circuits are magnetically coupled together. Smaller circuit components can therefore be used.