Medium voltage converters are becoming more relevant in future grid applications. Especially more wind and PV generation systems will be have to added and integrated into the grid in order to achieve the required reduction in CO2 emissions. High power generation units will be integrated into the grid at medium voltage level. Furthermore meshed MV grids will require interties based on MV converter technology. Today's standard medium voltage converters are either based on the MMC technology or us 3L/5L approaches operated at low switching frequencies and containing bulky filters. Both concepts still lead to relatively high costs and low efficiencies which are major reasons for the slow spread of power converters in medium voltage grid applications.. Future grid applications demand less distortion, higher reliability and lower costs for converter systems at each voltage level. The Quasi-Two-Level operation of the flying capacitor multilevel converter with silicone-carbide (SiC) based semiconductors is a method for achieving these requirements for medium voltage converters. This paper presents a new concept for minimizing capacitance and balancing the capacitors with fast switching semiconductors. Moreover, a novel approach for limiting the overvoltage stress caused by the Quasi-Two-Level modulation of a flying capacitor converter is presented.