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A power supply has a multi-level DC-DC converter and a battery pack with two or more cells provided in series. The switching DC-DC converter provides a regulated voltage at an output. The converter has an energy storage element. The switching regulator is designed to selectively operate in two or more different modes. It switches between a first mode where one cell is connected (between battery and inductor of the converter), and the converter functions like a single cell buck converter and a second mode where two cells are connected in series and the converter functions like a two series cell buck converter. In general, any number of cells and modes can be provided, with successive cells being connected in series in each mode.