Multi-level inverter (MLI) with reduced components is becoming popular to achieve the higher voltage levels with lower cost and complexities of the circuit. Most of the reduced switch MLI used large number of isolated voltage sources that have a large total standing voltage (TSV) and higher losses. Moreover, many reduced component MLIs have been developed to reduce the number of switches only and have not utilized the DC link voltages properly. Thus, an inverter is to design, where the number of DC sources is also small and are utilized fully. In this project proposes, a novel single phase, multi-cell multilevel inverter configuration is presented that can generate a maximum number of output voltage levels using minimum number of switches and DC sources. Two optimal configurations of the proposed MLI are proposed based on the minimum requirements of components with the optimum voltage stress of the highest rated switches. Moreover, the TSV of the proposed optimal multilevel inverter is also becomes low. A generalized multi-cell optimum multilevel inverter is presented and the number of components, voltage stress of all the switches and the total standing voltage of the proposed as well as the other inverters also determined by the generalized expressions for comparison purpose. The prototype of a specimen 15- level inverter and the optimal 75-level inverter cell is further developed and implemented using DS 1103 in the laboratory to show the effectiveness of the proposed configuration. The experimental results corresponding to the different modulation indices presented here for the verification of the simulation results.