A phase converter that converts single phase AC electric power to balanced three phase AC power. Two input terminals are connectable to a single phase AC power source, and connect directly to two output terminals of the converter. The phase converter has a storage capacitor, three active half bridge modules connected to the storage capacitor and a controller. Two modules connect to the input terminals and charge the storage capacitor. The other module connects to a third output terminal. The controller switches the module connected to the third output terminal and one of the other modules to generate and shape a second phase and a resultant third phase.