Multilevel Inverters have been widely used for high power and high voltage applications as their performance is highly superior to that of conventional two level inverters due to reduced harmonic distortion, lower electromagnetic interference, and higher dc link voltages, but it has some disadvantages such as increased number of components, complex pulse width modulation control method and voltage-balancing problem. In order to compensate the above described disadvantages a new topology with a reversing voltage component is proposed to improve the multilevel performance. This topology requires fewer components compared to existing inverters (particularly in higher levels) and requires fewer carrier signals and gate drives. Therefore, the overall cost and complexity are greatly reduced particularly for higher output voltage levels. Finally, a prototype of the seven level proposed topology is built and tested with different modulation strategies to show the performance of the inverter by experimental results using MATLAB-SIMULINK. By comparing the various PWM techniques, it is observed that UAPODPWM provides less THD, and UCOPWM techniques provide higher fundamental RMS output voltage.