In this paper a new modular multilevel converter topology is proposed. One basic module for the proposed topology is developed. To generate output voltages of both the polarity one H-bridge is used at the output. This topology significantly reduces number of power electronics components, dc voltage sources and driver circuits used. Here algorithm for both symmetric and asymmetric source configuration is shown. Comparison of the proposed topology with conventional and some new topologies are also presented here. The performance and purposeful exactness of the proposed topology are confirmed by simulation of a 15-level multilevel inverter based on the proposed topology using MATLAB/SIMULINK