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In the future, new aspects from decentralized generation using different dc voltage levels are expected to influence the general concept of power exchange. Converter are needed to adapt the voltage between low voltage (LV), medium voltage (MV), and high voltage (HV). In this paper, a galvanic isolated bidirectional dc/dc converter based on the modular multilevel converter is studied, with a large potential for secure and flexible dc power flow control. The use of medium frequency transformation allows savings in copper and iron. A fundamental frequency modulation method is introduced for the presented converter, that enables variable stepup or step-down between primary and secondary dc voltage in discrete steps. The balancing mechanism of the internal power storage components is explained and verified by simulation and experiment.