This paper introduces and generalizes a class of multilevel dynamic voltage restorer (DVR) for voltage sags/swells compensation of high-power sensitive loads. Such a device can improve the power quality of sensitive loads located in stiff systems. The proposed DVR is based on three-phase bridge converters series-connected by means of cascaded transformers using the concept of open-end winding (OEW). Hence, two DC-links can provide either symmetrical (i.e., equal DC-link voltages) or asymmetrical (i.e., different DC-link voltages) operation of the DVR converters. Generalization for K-stages is presented as well. The proposed configuration is named as DVR-COEW (i.e., cascaded open-end winding). Such a topology permits to generate a maximized number of voltage levels per converter leg. The multilevel waveforms at the output voltages of the converter are generated by using a suitable PWM strategy associated with both: i) DC-link voltages ratio and ii) transformers turns ratio. Modularity and simple maintenance make the proposed DVR-COEW an attractive solution compared to some conventional configurations. The model and PWM control are addressed in this paper. Simulation and experimental results are presented.