The paper presents the theoretical background, computer model, laboratory measurements and SPICE simulation results of a 323 W, 1 MHz Class E inverter operating with an efficiency of 97%. The inverter is built around a CoolMOS transistor from Infineon Technologies. The transistor belongs to a new generation of high quality, optimized for low conduction losses and high speed switching power MOSFET-s. The presented computer model of Class E inverter is based on a state-space description and allows computing the inverter parameters for the optimum operation. Its validity has been confirmed experimentally. The SPICE simulation of the inverter has been also carried out in order to obtain better agreement between measurement and calculation results.