Yes
It's a bidirectional DC to DC converter.
Hmm, I might be full of it, but I think it's somewhat more involved. I can tell you one of the biggest annoyances I have, that got improved but did not go away completely with firmware, has to do with my load floating just below to just above my PV output. In every case going from battery supplementing to pure PV and back there is a noticeable flicker. It is worse going down, ie when PV production drops below demand and the batteries must supplement. This makes no sense to me, but, ...
Obviously somewhere there must be a voltage up conversion at least on the battery side. I
assumed the voltage conversion was at the AC side, since it would be a simple transformer, say 48VAC -> 240VAC 1:4.5 winding or something. Easier to knock down/manipulate the 48V feed to control the output voltage I would think. On the DC side you just need a simple circuit to convert your DC into a nice pretty 0-48V sine wave. You should be able to convert your higher DCV from the panels to 48V with minimal loss as well. But if you were always inverting 48V why the flicker? Then again if your panels are only putting between say 150-500v you can't count on having 240v to push out. Gotta get my neutral from somewhere.
DC-DC upconvert is annoying. I've done it without an IC. You use a choke and a diode with an oscillator on a switch, feeding a big capacitor. You pulse the choke, triggering a voltage spike and hold it with a capacitor. The other method involves series capacitors, where you rapidly switch your DC output to each capacitor in the series with an oscillator and step circuit. Pretty simple if you are just doubling, more complicated to go higher, still dirty DC with a high ripple, then regulate it back down. Switching power supplies do some interesting magic, but they start with AC.
I would love to hear from an engineer on this. It's easy to go down with an electronic switch, much harder to go up cleanly, you have to do some sort of stack & store, as far as I know, but who knows someone may have perfected a heavy duty power IC that magically increases voltage by passing it thru something esoteric.